Legal Question in Real Estate Law in California
Mortgage Holders Rights to real property
I purchased a residential property with a family member in 1985. In 2000, I was going to take over the property and with my family member's recommendation, took over the loan in my own name, with the plans to complete the transfer shortly following. I am the mortgage holder, and have paid all the bills and mortgage for 4 years, and my wife and I live there. In 2001, my cousin and I did a deed together called a quit claim, putting the property in my name. We found out that some of the kids who lived in Texas wanted this property located in CA, and are saying the quit claim was not to their liking. Does our mutual putting the loan in my name show intent and good faith, that I was in line to be the owner? What do they have to do to undue the deed we did and properly executed and recorded? Thank you in advance for your advice.
3 Answers from Attorneys
Re: Mortgage Holders Rights to real property
They would send you a demand letter or file suit. Until then, I would probably sit tight thinking I owned it and they have nothing. If thye send you something organzied, contact me, I'd take your case.
Re: Mortgage Holders Rights to real property
You don't say whether the "family member" with whom you acquired the property is one and the same as the cousin who quitclaimed to you recently. If so, you are probably the sole owner of the property and thus have no concerns regarding these "kids" (relationship and possible basis for claim to the property unspecified) who may be objecting.
Altogether your facts are way too vague and general for a lawyer to give you a considered opinion. I know that LawGuru's rules require anonymity, but I can't discern the relationship between you (and your wife) and the family member, the cousin, and the kids.
Ownership of real property is generally governed rather strictly by deeds and what's shown on the official records. Who's on the mortgage and who pays the loans doesn't govern very much, if anything (except that lenders try to avoid lending to folks who aren't owners and therefore can't put the collateral in hock). Further, intentions, likes and dislikes, opinions, etc. are unimportant.....except there are exceptions where intentions ARE important.....but none of these exceptions seems to apply in your situation.
So, the bottom line is that you (perhaps subject to a part interest of your marital community) seem to be the indisputable owner of at least a partial interest in this property, and if the cousinly quitclai took out the unnamed relative with whom you co-purchased, you (and your wife?) are probably the sole owners.
What do you mean by "I am the mortgage holder?" A mortgage holder is the beneficiary (lender or successor to the original lender) and not the obligor (borrower). I think you mis-spoke.
I recommend you retain a lawyer to (at least) review the deeds and give your advice. Your knowledge of real-estate law is rather weak and you will feel better (and be safer from fraud) if you take the complete file on this property to a local (where the property is situated) attorney and get some advice.
Re: Mortgage Holders Rights to real property
What rights do the kids have in the property? They probably don't have standing to do anything.
Also, what do you mean by "I purchased a property with a family member." What was the deal? Did you have an agreement of any kind? This is the most critical issue.
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