Problems With Relative Tenant After Quit Claim of a Condo
Hi all...
I am a new poster, and I'm not certain this is where I need to be posting, so moderators, please feel free to move this if necessary.
I've got multiple issues with a property in Nashville, TN. It is a condo that is occupied by a relative. The relative holds the financing solely in her name with the mortgage company...I had nothing to do with the mortgage (about $20k is owed on the mortgage). Back in 2004, it was signed over to me with a quit claim deed. It went through a lawyer. I have looked at the property assessor's site, and I am shown as the "owner" of the property. My name is the only name shown on the property assessor's site...I don't have access to my paperwork from the lawyers at this time, but I'm trying to get ahold of it (it is packed away). No money changed hands.
I am considering selling this particular property. What are my legal rights in terms of selling the property? Does the TENANT (my relative) have to agree to the sale? As long as I pay the mortgage off from the proceeds of the sale of the condo, am I allowed to sell it free & clear?
NOW, the second part of this problem is this. I found out today that this relative has not been paying the association fees that this condo requires, and they have used their rights under the Homeowner's Association Deed to enact a foreclosure on the property. I received notice of this today (I have not received ANY late notices prior to this, so I assumed all fees were being paid by my relative--yes, I know what they say about assuming...I'm paying the price now).
According to the management company/homeowner's association, there was a lein placed against the property in January 2006. So, this would've been 2 years AFTER the property was quit claim'ed over to me. Again, I received NO NOTICE of this lein. I had no idea. The property assessors site says nothing about this, but I have not gone in person to research things yet.
I am working with the management company to prevent the foreclosure and get everything paid off. They are getting totals for me so that I can get that done.
So, my NEXT question is: since I am NOT on the mortgage...if the property is foreclosed on...will it affect MY credit? Or will it just affect the credit of the relative who holds the mortgage? This is supposing I can't get everything caught up...hopefully I will.
If I get everything caught up & paid...then can I sell the property free & clear?
Thanks in advance for all of your help & advice. I will appreciate the input of those a bit more in the know than I am!
Re: Multiple Issues in TN--VERY LONG
You can sell a rental property, even if it is occupied. I would expect that there is a high probability that a foreclosure of the lien would end up on your credit report.