Q: Question about: Deed of Trust versus Quit Claim Deed and Tenants in Common.
I owned a home for 16 years, after my divorce I had to refinance to get the ex off the loan. I had a mutual friend (boyfriend) that offered to co-sign on the loan. I had a Tenants in Common contract in place. And, we both signed a Deed of Trust and a Quit Claim Deed at closing. The business/relationship went sideways and he stopped paying on the mortgage 1 month after we signed the refinance. Per the Tenants in Common agreement, it shows his payout to be zero since he defaulted. However, he is disputing the Tenants in Common agreement. And he is claiming that since he is on the Deed of Trust, he is owed 50% of the equity. However, the Quit Claim Deed shows his ownership at 0.79% and my ownership at 99.21%. Both are filed and recorded with the state of Washington Dec 15, 2016.
If/when I sell, does the Quit Claim Deed protect me since it shows his ownership at 0.79%? Or, can he fight for 50% equity?
A: It would be very hard to answer this question without knowing more about what his basis is for claiming he owns 50%. Regardless of the strength of his claim, he can certainly try to assert he is entitled to 50%.
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