Help Save My Deal - Loan and Deed Names Different
Hey forum,
I am not versed in this situation and am looking for some quick options to close a deal here....
Property X has a mortgage balance of $75,000 in the name of the Husband.
Property X has a quit claim deed in the name of the Sister of the Wife (deceased).
Background details are like this...
Husband and Wife divorced. Husband quit claim deeded the property over to Wife. Wife has clause to remove Husband from loan within 2 years. Wife passes away within the 2 year span and quit claim deeds the property to here sister.
Sister and Husband are not on great terms. Sister is waiting for Husband to pay it off, which of course would leave her the sole owner.
BEFORE I go to the Sister, I wanted to get my best approach in order.
There is always the option of simply offering cash to satisfy the loan and also take care of the Sister. Example: Cash offer of $85,000. Covers the $75,000 balance and leaves $10,000 for Sister to walk away with.
I'd like to be creative here and explore other methods of acquisition. Any thoughts?
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#3 Guru, Book, & Course Reviews Contributor
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A QCD isn't in someone's name Dennis, it grants title to someone, not picking but the grantee gets title interests held by the grantor. Sounds like you're saying the husband granted title to to wife, then wife to ex sister-in-law, then wife died.
Well, the only owner is the sister.
The lien follows title.
If husband has possession, that's another matter, eviction, he is not in title. If he is paing the note it's rent and still a debt to him.
You have to buy from the sister. :)