Quit Claim Deed

[admissions]

I really am stressed out and need some guidance. my Mother filed for divorce in 2006. She had no income and no way to continue fighting the drawn out divorce.At mediation she had been quit claimed houses but the bank told her she was unable to take out a loan since she was still married.She quit claimed the house to me in 1/2007 so I could take out $150k in a HELOC for her to survive and finish the divorce with the idea that the house would be quit claimed back to her once the divorce was over . I took out the loan for her and when the divorce was over I quit claimed the home back to her and it expressly said on the document that the $150k was not a gift to her and she was responsible for paying the loan.She rented out the home since 2008. Recently, she has some tenants that I believe have intentionally damaged the property so they can try to sue for “health issues”.The insurance is coming out Monday to see if they will pay for the “water damage/mold issue”.If they don’t we will be unable to repair the property and if it is deemed unsafe then can not be rented out again which means she will be unable to keep up with the mortgage which is in my name and the bank could foreclose for non=payment or as I just read for quit claiming it to her and not having me on the deed which makes the loan instantly payable. If they foreclose and reported income for the deficiency would I have to report paid $1 back in 2007 and then pay takes on the written off income from the bank.Also, since she paid $90,000 originally for the home back in the 90’s and has claimed depreciation would she need to list it as sale since say the house sold for $100,000 pursuant to my foreclosure would she say she sold the house for $100,000 even though she did not or would she say sold for $0. She is very ill and only receives a few hundred dollars in income per month since her ex decided to simply defy the court and not pay her alimony.Also, seeing as how the loan would be discharged in the foreclosure does she pay taxes on that amount since I originally stated it was not a gift. At this point I am very depressed and really need some help.

[CDMA ENG]

Attonery Attonery Attonery…

Not much help I am sure but your situation needs specific legal advice.

Good luck to you.

CE

[SD Realtor]

Agreed…. this is call an attorney time.

[Anonymous]

Wish I could be of any help.Hope you find some solution fast.

[Author]

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