[mariaengland08]

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 regarding the property and suggest he is trying to help resolve the matter without having to go to court, which he says is very expensive. His suggested after checking with co-owner, that I should sign a quit claim over to her. He says that would relieve me of any debt I have with her ( I owe her nothing ), but than explains I unfortunetely would still carry the mortgage loan of about 180K on my credit, because the way the economy is the co-owner is unable to refinance. He also mentioned that I would have all rights to continue to check on the loan. This does not seem fair to me. Does Doing a quit claim still hold me responsible for the loan? Can some one please give me more information on quit claims and how they might work with mortgages and what it is exactly? Because if it's relieving me of debt to co-owner than I don't need it because I owe her nothing since my half of property is rented by her family member and all the money I put into it I will never get back. Do I have to sign this quit deed claim?

Thank you very much

[westnlas]

I certainly would not sign it unless advised to do so by my lawyer. Even if you must pay a couple of hundred dollars or so for advice on this it would be well worth it to you. Many people are subject to scams with quick deeds. Real Estate laws vary by state and you really need a professional to guide you on this.

[LisaB4657]

DO NOT SIGN ANYTHING!!

Transferring your property ownership by quit claim deed to your co-owner means that you will no longer have any ownership interest but you will still be responsible for paying back the loan. If your co-owner doesn't pay it then you will have to pay it.

Get an attorney asap.

[Fr_Chuck]

Yes, Lisa is on the nail here, you are "giving" her any and all rights to your ownership of the property but will still be held liable by the loan company, unless they will re-finance to get a loan in just there name, that would be against your best interest.