Ask Experts Questions for FREE Help !
Ask
    help_in_fla's Avatar
    help_in_fla Posts: 3, Reputation: 1
    New Member
     
    #1

    Sep 6, 2008, 05:18 PM
    Private mortgage - quit claim
    Hello,

    I purchased a home in Florida, owner financed.

    In the last 3 months I have fallen behind in my payments.

    The mortgage holder now wants me to sign a quit claim to turn the house back over
    To him.

    I will become a renter, he says!

    My question, If I sign the quit claim will I be on a month to month lease and
    Will he be able to evict me or request I move immediately after I sign?

    Thank you
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Sep 6, 2008, 07:23 PM
    Well first on a contract for deed he was never ever suppose to sign a deed over to you, he is a poor business person.

    He will have to foreclose on you if you actually have a deed.
    And do not sign it over.

    But yes, once you default on a contract for deed you go right to a rental, and then if you are not paying, can be evicted, but you will be evicted either way, one way you do it the legal, honest proper way, the other, you ruin your record having it in court that they had to force it

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Quit Claim [ 3 Answers ]

Hello Recently I received a letter from a Lawyer who originally had me and the co-owner sign a contract regarding the mutual property. I no longer live there and co-owner refuses to sell and can't refinance. In the letter this lawyer presents to discuss that he was hired by the other co-owner...

Inherited private mortgage [ 1 Answers ]

My dad sold some property and took back a mortgage. Dad is using the installment method. Dad is 99, so I'll end up inheriting the mortgage. When I do, what will be the basis? He sold the property for $350,000, and the profit percentage is 98%. So he has capital gains on the profits. ...

Quit Claim [ 1 Answers ]

In settlement proceedings with my x-wife, I agreed to sign a quit claim deed, leaving the marital home to her. In mediation she agreed to accept the debts and emcumbrances on the home. The divorce decree states that the quit claim deed was to be placed with my attorney until she obtained a loan...

Quit Claim or Quick Claim [ 4 Answers ]

What is the difference between a Quit Claim and a Quick Claim? Also, the last year of my mothers life she was very ill and lived with me, she signed her house over to me . Now I am going to sell it, do I have to pay taxes on the money I receive? I have heard if you are over a certain age you do not...

Quit claim [ 4 Answers ]

My husband and I purchased a home together 4 months after we were married, but in order to get a better interest rate for the loan, and the title to go through I was asked to sign a quit claim document. Does this mean I have no interest in the home now that we are divorcing?


View more questions Search