Posted on: 22nd Dec, 2010 05:01 pm
a friend of mine has stopped working due to health issues. she has also stopped making payments on her house. i was looking at options for me to take possession of her house but i need to sell mine first. i was thinking of doing a quick claim deed to her house once i sell mine but i am not sure if i will have to repay the payments that she has not made. also her lender told her that she has to put the house on the market for 3 months. hopefully within these 3 months i can get mine sold. my question is once i get my house sold what options do i have to get her house? quit claim deed, short sale, etc...
hi frostproperties!
welcome to forums!
once your property is sold off and you pay off your mortgage, you can buy your friend's property. you can ask her to sign a quitclaim deed and transfer the property to you. once you become the owner of the property, you'll have to refinance the mortgage in your name. in order to refinance the mortgage in your name, you will have to bring the mortgage current.
feel free to ask if you've further queries.
sussane
welcome to forums!
once your property is sold off and you pay off your mortgage, you can buy your friend's property. you can ask her to sign a quitclaim deed and transfer the property to you. once you become the owner of the property, you'll have to refinance the mortgage in your name. in order to refinance the mortgage in your name, you will have to bring the mortgage current.
feel free to ask if you've further queries.
sussane