Posted on: 17th Jun, 2009 10:32 am
I HAVE A HOME THAT I PURCHASED 5 YEARS AGO, I CAN NO LONGER MAKE THE PAYMENTS, MY BEST FRIEND WANT TO TAKE UP MY PAYMENT, HOW DO WE MAKE THIS LEGAL WITHOUT GETTING A LOAN
jcharp64,
a quit claim deed transfers your interest in a property to someone else but does not transfer the financial responsibility to that person. use caution! if you quit claim deed this property to your friend without handling the loan aspect of the transaction, you will end up in the unfortunate circumstance of being responsible for a loan on a property of which your friend is the owner.
a quit claim deed transfers your interest in a property to someone else but does not transfer the financial responsibility to that person. use caution! if you quit claim deed this property to your friend without handling the loan aspect of the transaction, you will end up in the unfortunate circumstance of being responsible for a loan on a property of which your friend is the owner.
you need to take help of refinance or quitclaim.you just transfer loan by refinance or quitclaim .
Thanks
Thanks