Posted on: 18th Sep, 2009 09:02 am
My friend doesn't want the responsiblity of owning their condo anymore and wants to give it to me. It is an investment property for them. The mortgage is twice the value of the property. Should I quitclaim the property?
Mortgage will be with your friend. he has to sort out this issue
the mortgage remains on the property unless your friend pays it off. if that's not likely to happen (pretty obvious), then you will be wise to beg off receiving a quit claim from him. he's obviously not desirous of making the payments.
