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    cshomaker's Avatar
    cshomaker Posts: 1, Reputation: 1
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    #1

    Nov 15, 2007, 08:05 AM
    Financial responsibility after quit claim deed
    My son and his girlfriend bought a house together in Florida. Nine months ago he moved out of state, filed a quit claim deed to the property, and she paid him back what he had put into the house. Now he is getting notices from the bank threatening foreclosure on the house. What is his financial resonsibility here? How can he handle this long-distance?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Nov 15, 2007, 04:13 PM
    Hello cs:

    The bank isn't going to let him off the hook just because he gave away his interest. He's either going to have to pay the back payments or the house will be foreclosed upon. The house will be sold at auction, and your son will be sued for the difference between what the bank sold the house for and what your son owes.

    Of course, your son can always sue the ex.

    excon
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    Nov 18, 2007, 10:22 AM
    Quote Originally Posted by cshomaker
    My son and his girlfriend bought a house together in Florida. Nine months ago he moved out of state, filed a quit claim deed to the property, and she paid him back what he had put into the house. Now he is getting notices from the bank threatening foreclosure on the house. What is his financial resonsibility here? How can he handle this long-distance?

    I'm a little surprised that he quit claimed the property, presumably the quit claim was filed and the bank/mortgage company didn't step in at that time and demand that the property be refinanced. Change that to very surprised. In my area the Banks are at the County Clerk's office like vultures!

    And, yes, he is financially responsible as long as he's on the mortgage.

    He will have to get an Attorney in Florida to handle this for him. Did an Attorney prepare and advise on the quit claim Deed?
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