Posted on: 27th Jul, 2009 07:17 pm
my house is currently under pre foreclosure there is no sale date
however we are in a middle of a shortsale, cant find a buyer.
however my girlfriend can buy the property, but she has been living there and @ closing i had her put her name on title cause she is my bestfriend.
now being that said can she quit claim her name off thee deed and will the bank allow her to buy the house.
however we are in a middle of a shortsale, cant find a buyer.
however my girlfriend can buy the property, but she has been living there and @ closing i had her put her name on title cause she is my bestfriend.
now being that said can she quit claim her name off thee deed and will the bank allow her to buy the house.
Hi Guest,
I think the bank will not mind if you give the house to your girlfriend through a short sale. All they want is, you pay off the loan. So, if you can pay off the loan this way, they will probably not object to it. If you sell her the property, there is no need to take her name off the deed. You and your girlfriend need to sign a quitclaim deed or a warranty deed as grantees and transfer the title to your girlfriend, the grantee.
If the house is underwater, there will be a deficiency from the sale of the house. If it's a purchase mortgage, the lender may forgive the difference. But if they don't, then you will have to pay off the deficiency. You can negotiate with the lender regarding the difference. If there are strong anti-deficiency laws in your state, the lender will not be able to come after you and get a deficiency judgment against you.
I think the bank will not mind if you give the house to your girlfriend through a short sale. All they want is, you pay off the loan. So, if you can pay off the loan this way, they will probably not object to it. If you sell her the property, there is no need to take her name off the deed. You and your girlfriend need to sign a quitclaim deed or a warranty deed as grantees and transfer the title to your girlfriend, the grantee.
If the house is underwater, there will be a deficiency from the sale of the house. If it's a purchase mortgage, the lender may forgive the difference. But if they don't, then you will have to pay off the deficiency. You can negotiate with the lender regarding the difference. If there are strong anti-deficiency laws in your state, the lender will not be able to come after you and get a deficiency judgment against you.
As long as bank is getting paid their dues,they do not have any problem selling the property to any person you wish to....
keep in touch....
:arrow: :arrow: :arrow:
keep in touch....
:arrow: :arrow: :arrow:
i firmly disagree with their assessments of this situation. your sale to your girlfriend would not be an arms-length transaction; therefore, it won't save you.
