Posted on: 07th Jan, 2009 04:15 pm
I'm facing foreclosure....could I do a quit claim and transfer the property to my sister before I'm foreclosed on?
Hi DL,
If you transfer the property now to your sister just to save the property from foreclosure, then it will be considered as a fraudulent transfer and the lender may penalize you for this.
Thanks
If you transfer the property now to your sister just to save the property from foreclosure, then it will be considered as a fraudulent transfer and the lender may penalize you for this.
Thanks
Thank You...
Ithink my only option at this point is a short sale.
Ithink my only option at this point is a short sale.
Hey DL,
Short sale is a good option to save your property from foreclosure. A short sale will lower your credit by 75-100 points. However you should note that you will have to pay the deficient amount to the lender resulting from the short sale of the property.
Short sale is a good option to save your property from foreclosure. A short sale will lower your credit by 75-100 points. However you should note that you will have to pay the deficient amount to the lender resulting from the short sale of the property.