Posted on: 15th Dec, 2010 09:17 pm
I own a duplex, I owe $ 216,000 on it. Can I quit claim it to a friend and if so what about the mortgage ?? Reason is I have some outstanding debt , cant pay anytime soon, worried about liens.
Hi sound68films!
Welcome to forums!
You can quitclaim the property to your friend. Once you do so, your friend will have to refinance the mortgage in his or her name. This will release you from the liabilities towards the property and the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can quitclaim the property to your friend. Once you do so, your friend will have to refinance the mortgage in his or her name. This will release you from the liabilities towards the property and the mortgage.
Feel free to ask if you've further queries.
Sussane