Posted on: 12th Jul, 2010 01:01 pm
I just got approved to a new government loan modification. my first payment will be August 1,2010. since Im the only one on the loan/title. What is the best way to give my house to my best friend ? I have no will or trust . I just learned of a Warranty Deed and dont know what to do, in case I where to die suddenly.
Thank you
Thank you
Hi asp,
As you have a mortgage on the property, you won't be able to transfer it to your friend with the help of a warranty deed. You'll have to use a quit claim deed in order to transfer the property to your friend. However, as you're in a loan modification plan, you should let your lender know about the change in ownership of the property.
Thanks,
Jerry
As you have a mortgage on the property, you won't be able to transfer it to your friend with the help of a warranty deed. You'll have to use a quit claim deed in order to transfer the property to your friend. However, as you're in a loan modification plan, you should let your lender know about the change in ownership of the property.
Thanks,
Jerry