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-   -   Parents put property up for son & wife house (https://www.askmehelpdesk.com/showthread.php?t=603388)

  • Oct 12, 2011, 08:24 PM
    skmitck_.
    Parents put property up for son & wife house
    We put our property up as collateral for our son and his wife. It is on a land contract.She has left and getting a divorce.All of our names are on the mortgage.She says she does not want house. They have stopped making payments.Can my husband and I do a quick claim deed and have the house in our name? We live in Michigan
  • Oct 13, 2011, 03:58 AM
    ScottGem
    Does this relate to your other question? If so, please don't start multiple threads for the same issue, let me know and I will merge them.

    You need to clarify the situation here. If your son and spouse are buying property on a land contract, then its not a mortgage. Also they do not own the property. A contract for sale doesn't convey ownership until the contract is satisfied. I also don't understand why you put up your house as collateral. In any home purchase, the home being purchased is the collateral, why would anything else be needed?

    Also, in a Land sales contract, generally a default converts the contract to a rental lease with all previous payments forfeit. So you need to tell us what is really going on here.
  • Oct 13, 2011, 07:03 AM
    AK lawyer
    Quote:

    Originally Posted by skmitck_. View Post
    ... Can my husband and I do a quick claim deed and have the house in our name? ...

    If they are on the title, your son and daughter-in-law would have to sign a quitclaim deed. But, As ScottGem said, you are very unclear as to what the situation is. It's either a land contract or a mortgage, but probably not both.

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