Posted on: 26th Sep, 2008 08:40 am
I'm in the process of helping out a friend to get him back on track with his home. I would like to know what would be the best way to make sure I get paid back? lien, quitclaim deed, or warranty deed? I would like to also give his property back after we settle up. Please help.
it sounds like your intent is to purchase the property involved from your friend. i don't think you'll have much luck guaranteeing your being paid back. after all, your friend couldn't pay the mortgage...right?
if you're thinking of simply transferring title to the property without cash changing hands, then what is happening is that you are acquiring a property for nothing - it seems like you then plan to make good on his mortgage debt; but the next question is - what's his guarantee that you'll give him back his home?
in other words, you want a guarantee but what guarantee does he get?
if you're thinking of simply transferring title to the property without cash changing hands, then what is happening is that you are acquiring a property for nothing - it seems like you then plan to make good on his mortgage debt; but the next question is - what's his guarantee that you'll give him back his home?
in other words, you want a guarantee but what guarantee does he get?
Well he is a good friend but, right now people are not lending but I have a few bucks I can spare but I would like to know I could get it back or if not get it back have SOMETHING IN RETURN. What would you do?
Hi jdfowler!
Welcome to the Forums!
If you want to pay him some money and purchase the property from him, then warranty deed is the right option for you. But if you want your friend to transfer it to you as a gift, then quitclaim deed is a better option.
Feel free to ask if you have further queries.
Sussane
Welcome to the Forums!
If you want to pay him some money and purchase the property from him, then warranty deed is the right option for you. But if you want your friend to transfer it to you as a gift, then quitclaim deed is a better option.
Feel free to ask if you have further queries.
Sussane