Many questions arise. You need to talk to a probate or real estate lawyer.
My responses to questions on Avvo are never intended as legal advice and must not be relied upon as legal advice. I give legal advice only in the course of an attorney-client relationship. Exchange of information through Avvo's Questions forum does not establish an attorney-client relationship with me. That relationship is established only by individual consultation and execution of a written agreement for legal services.
Yes you should have had an attorney when you were requested to sign house over. As a practical matter, you will have to wait to each parent dies to find out what is left to you and what it is worth. There is a legal argument that you were under duress when you were asked to sign deed under those circumstances, and the deed should be set aside but that would be a high mountain to scale and expensive to pursue not to mention all the intervening events.
I agree with my colleagues. It appears that there is nothing that you can do, at this point. Once your parents die, you may or may not have a claim on the property. As you say, there may be relatively little equity left, at that point.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!
You have a very tough row to hoe in any scenario, but if it has been more than 4 years since you signed the deed, and your were 18 when you signed it, then I'd say your chances are zero because the statue of limitations bars any fraud claims after 4 years.
There is no legal relationship created or implied by the exchange of message on this website. All statements are not to be construed as legal advice but as general guidance. In all cases, an attorney should be retained to review the full circumstances and deliver advice consistent with the information learned.