Security Deed or Quitclaim Deed

dann641 · #1 01-24-2006, 10:05 AM

What is the name of your state?What is the name of your state? FLORIDA

Family member (son) was about to lose his home. I payed the mortgage holder all payments due to bring it up to date. I've advised him that he will have to put the property up for sale very quickly, he does not have the ability to maintain the current mortgage. He has significant equity in the property.

Question: How can I now best immediately secure the property to cover my loan? Promissory Note with a recorded Deed?

Thanks......

HomeGuru · #2 01-24-2006, 10:19 AM

Quote:

Originally Posted by dann641

What is the name of your state?What is the name of your state? FLORIDA

Family member (son) was about to lose his home. I payed the mortgage holder all payments due to bring it up to date. I've advised him that he will have to put the property up for sale very quickly, he does not have the ability to maintain the current mortgage. He has significant equity in the property.

Question: How can I now best immediately secure the property to cover my loan? Promissory Note with a recorded Deed?

Thanks......

**A: use a quit claim deed. He sells to you for the amount that you paid the lender.

dann641 · #3 01-24-2006, 01:04 PM

**A: use a quit claim deed. He sells to you for the amount that you paid the lender.**

Thanks HomeGuru for the fast reply. I'm not anticipating that this situation will happen again however in the event the property goes into foreclosure sometime in the future I would still have financial recourse correct?

Thanks again.