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[anndwalynn]

What is the name of your state?Michigan
We will be inhereting a home under a Quit Claim deed as our uncle is quite elderly and does not want to sell his home. We currenty have a mortage on our home and have been unable to refinance to lower our payments. I am interested in renting a home for the time being near our uncle. Can I return my home to the mortgage company without hurting my credit and how do I do this? His home needs a lot of repair and under the Quit Claim we are responsible to taxes and upkeep. However, for us to fulfill this we must go back to renting because based on what my moble home lot rent is and the doublewide mortgagae payment is and the fact I am working full time and a full time college student with increasing student loans we have to go back to renting for an undetermined period of time. What can we do?

[HomeGuru]

Originally Posted by anndwalynn

What is the name of your state?Michigan
We will be inhereting a home under a Quit Claim deed as our uncle is quite elderly and does not want to sell his home. We currenty have a mortage on our home and have been unable to refinance to lower our payments. I am interested in renting a home for the time being near our uncle. Can I return my home to the mortgage company without hurting my credit and how do I do this? His home needs a lot of repair and under the Quit Claim we are responsible to taxes and upkeep. However, for us to fulfill this we must go back to renting because based on what my moble home lot rent is and the doublewide mortgagae payment is and the fact I am working full time and a full time college student with increasing student loans we have to go back to renting for an undetermined period of time. What can we do?

**A: you need to see a real estate attorney to formulate your options.
There is a process called a deed in lieu of foreclosure but the lender must agree to take the property back. And be very carefull because if uncle deeds his home to you before you complete the deed in lieu, the lender can demand you pay the deficiency, if any. Or refuse to take back the property since you can sell the hone uncle gave to you to pay the double-wide mortgage.