Posted on: 11th Dec, 2007 02:29 pm
I sold my house to an investor, I am now renting the house back . Since then the mottgage company has forclosed on the property. Now he wants to quick deed the property back to me. That fine but I cannot qualifly for the mortgage since I have ruined my credit. What should I do?
Hi carl,
Welcome to this forum.
I will suggest you to use a Warranty deed in place of quitclaim deed as you are virtually buying the house back.
You are saying that you cannot qualify for mortgage as you have ruined your score. So you can try out FHA mortgage. It is not a score driven program.
If you cannot even qualify for FHA, then it is better if you improve your credit score first.
Thanks,
Larry
Welcome to this forum.
I will suggest you to use a Warranty deed in place of quitclaim deed as you are virtually buying the house back.
You are saying that you cannot qualify for mortgage as you have ruined your score. So you can try out FHA mortgage. It is not a score driven program.
If you cannot even qualify for FHA, then it is better if you improve your credit score first.
Thanks,
Larry
if the property has been foreclosed, that means the bank owns it now. a quit claim deed simply transfers whatever claim on title the person currently has over to you. if he has no claim, then you become the owner of no claim.
if you plan to purchase this property, you had best speak with the new owner - the bank.
if you plan to purchase this property, you had best speak with the new owner - the bank.