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

    Nov 25, 2007, 07:56 PM
    Can I file Lien on property and have quit claim?
    I invested $40K in my relative's home. It was agreed that I would a.) receive money in event of sale or b.) inherit the house. They have decided to walk away and allow a foreclosure. I am not in a position to buy the house and property sales here are very slow so I can't sell to buy. Can I file a lien to get my money back? Is there an advantage if they quit claim the property deed to me? Can I use the lien as a down payment?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Nov 25, 2007, 08:13 PM
    Ok, you invested 40 K but did not put a lien on the home, they now have another mortgage in place that they can not pay.

    You may place a lien but remember the 1st mortgage is paid first, so if it forecloses, most likely it sells for less than the full first mortgage and you will get nothing, seldom does the second mortgage holder get paid at a foreclousure. Ifyou wish to buy the property, or take over the payments, you can most likely keep the house, but let a real estate attorney work out the details for you.

    Your 40 is just equity in the home, so if they want to turn it over to you, all you have in it, now is the equity of the home,

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!

How do I file a property lien. Can I file it or do I need an attorney. [ 4 Answers ]

I am involved with heir property and have taken care of the property since the owner died. Can I file a lien on the property so that I can be repaid for the out of pocket expense incurred?

How to file property lien in California [ 2 Answers ]

Our small HOA has one member who has not paid dues for nearly a year. It appears that he (the owner of the property) ia actually living elsewhere, perhaps out of state, and His son occupies the property. We have reason to believe that our notices are not reaching the owner... the son trashes...

Can I quit claim liened property? [ 2 Answers ]

Can I quit claim property with a lien against it?


View more questions Search