My question involves real estate located in the State of: Tennessee
My uncle purchased real estate in Tennessee in 2006, with the Title being in his name. It was understood that my husband and myself would co-own the property. We supplied some of the earnest money and agreed to pay on a monthly basis for our portion of the property. In 2007, a letter was written to this effect and signed by all parties as well as being notarized. Another letter was written in early 2009 again confirming the property to be owned by both parties and stated what our equity was in the property at that time, this document was filed with the county tax assessor. In late 2009 we were compelled to leave Tennessee in search of medical help for our son, with the agreement that the property would be rented out. Within a month, my uncle quit claimed the property to someone else (we just found this out). Taxes have not been paid on the property since we left and the mortgage is still in my uncles name. My uncle died last month (which is when we found out about the quit claim). Since we have quite a bit of equity in the property and it can be verified by his receipt book, how can we contest the validity of the quit claim. (It is not a warranty deed). We are returning to Tennessee to open probate on his estate and wonder if that is where it needs to be addressed. How do we address it as well.
Between our equity and the mortgage it is above the value of the property. My uncle also had no equity in it after the second letter. The property was fully owned by me and my husband and the bank, though his name was on the title. We know that within a week of our leaving he quit claimed the deed.
We are still gathering more information about the situation but we hope to solve this as quickly as possible.
Thanks in advance for any help on this matter.