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  1. #1
    Join Date
    Jun 2006
    Posts
    1

    Default Help with a quit claim deed

    my husband jake bought some land in arizona a few years back under his parents name for lack of credit. now that his credit is good, his parents quit claimed the land to him. but then a friend warned us that because they quit claimed the land if the bank wants to they have the right to demand FULL payment for the land from jake or else he'll lose the land and every payment he has already put into it. is this true? or is there any law for that matter that is at all similar?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Help with a quit claim deed

    Laws will vary by state; but it sounds like what you're describing is that there is still a mortgage in the name of Jake's parents. If the bank finds out that Jake's parents have quitclaimed away their right to the property, that may well be a violation of their mortgage. Since Jake's credit is now good, perhaps he should refinance the property such that the mortgage is in his name.

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