I hold a mortgage on a home for my daughter and her husband. How can they give the house back to me with me foreclosing?
The husband is on drugs. They are getting a divorce. They have not paid the taxes, insurance or house payments in two years. How can they legally give the house back to me without me having to foreclose on them?
All you have to do is have an attorney prepare a Quit Claim Deed for you that they will sign. Then we record it and you are the owner. As long as they are in agreement its the easiest way.
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They can give you a deed in lieu of foreclosure. However in order for this to be legally effective, it needs to be signed by all owners of record. I urge you not to try to do it yourself, it is an easy thing to do incorrectly.
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You used the phrase "back to me". That implies that you were the owner of the home before conveying title to them. You also used the phrases "not paying" and "the house payments". That implies that when you conveyed the property there was already a mortgage.
At least, to me.
If I am correct, then please understand that simply getting title to the property will not necessarily be a fix, as you will still have to contend with unpaid taxes and unpaid mortgage payments. Getting the title will be a first step in the process of cleaning up the mess they have created.
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You receive some answers, indicating that the husband and his wife can simply file a deed. While that is true, that may not be the most effective way to do this because there could be junior leans on the property. You need to perform a title search to determine if there are any other liens on the property before you accept a deed. Foreclosure means much more than just taking back the title to the property. It’ll also extinguishes junior liens. In short, do not simply use a quit claim deed.
