Screwed by Parents…Still on Mortgage, Signed Quit-Claim…help?
by Mortgage Rates on Sunday, November 28th, 2010 | 4 Comments
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you will probably have to sue them to get off the note in any event. They must refinance the home into their names only to get you off. If this was less than 3 years ago then you may be able to rescind the note as you never signed the pre disclosing documents and fraud may have been involved. Tell you dad that if there was fraud then he could be prosecuted and be jailed
You can talk to a lawyer. Odds are you are a co-signer on a mortgage, have given up your interest in the property, and the only way you will be released from the mortgage is if they re-finance, or if the bank agrees to release you; and that never happens.
Unfortunatly; and I think you already know it; unless the lawyer can make a compelling case for a judge to have you removed from the mortgage by a re-fi, you are screwed here.
You will need a lawyer and they will require up front monies, better borrow from friends or your husband family since it appears you where taken by your father and step mother, hopefully you have a course of action based upon fraud etc
In reality signing the quit claim deed was a huge mistake, up to that point you where an equal owner in the property with your father and step mom, their interest could not have overridden yours
Now after the fact and no name on the deed, no agreement to what should happen; it seems you are left with fraud issue, hence why you will need to spend the monies on a lawyer to resolve if possible
You signed all of the contracts. Unless you are legally mentally incpaicated there is not a lot you can do. It does not matter that you did not bother to read the documents.
You can sue to force them to refinance with your name off of the mortgage. As you signed the quit claim they will not owe you any money, you have no legal claim to their property. You are not entitled to any monetary gain.
A lawyer will expect money up front. How much depends on where you are. In my area about 10k to retain them. You need to hire a real estate attorney. Expect this to take 6 months to 2 years.