Posted on: 16th Sep, 2008 01:20 am
my friend wants me to take over her house due to finance problems she has a 25.000 dollar morgate on it. how do i go about getting started in the transfer.
Hi Blounteddie,
Welcome to the forum.
Even if you may take over the house, your name will still remain on the mortgage. This is because a quitclaim deed or any other deed does not remove your name from the loan. Refer to a related community discussion on "Can quitclaim transfer mortgage debt?".
Hope this helps..
May god bless you.
Samantha
Welcome to the forum.
Even if you may take over the house, your name will still remain on the mortgage. This is because a quitclaim deed or any other deed does not remove your name from the loan. Refer to a related community discussion on "Can quitclaim transfer mortgage debt?".
Hope this helps..
May god bless you.
Samantha
you have a couple different options depending on what she wants out of this. if she is looking to sell the home to you then you can simply purchase the home with a purchase agreement that spells out the terms such as price, closing dates, etc. then find a lender to obtain financing. if this is a good friend, you may be able to be added to title to then obtain financing as a refinance. without knowing the details, it is difficult to determine which way would be the best to proceed.
