State of Idaho:
2001 some very good friends helped us buy a house when we could not qualify. Our name not on mortgage. 2002 they QuitClaimed all interest in property over to us for sum of $1 and it was notarized and recorded with our county clerk. We have made all payments through a joint bank account established for the mortgage. 2002 and on tax records all come in our name not our friends, and we have paid all taxes.
5 years later now, and their oldest son (estranged for quite some time) has come back in their lives, and comments have come from previous owner (our friends), they still own this house/property since they still have the mortgage under their name only. The friendship has strained and I'm not sure if they'll try to boot us out some day to give their long lost son a home.
Is this even possible since they transferred all their interest in the property to us back in 2002?
We're not in a position right now to qualify for our own mortgage. Hopefully another year!