Posted on: 14th Aug, 2008 11:26 am
We are an invester in a property tha tthe owner is being sued and will lose everything. She has agreed to quit claim the property to us so that we assume the loan and control. Can we do this? The property has nothing to do with the law suit, she is just afraid that she will have to file bankruptcy on the property and we are trying to save our investment.
Hello- You can do it. However, that is usually a violation of the terms of the Deed of Trust and could cause the lender to accelerate the note. In addition, it could be in violation of some of the recent equity transfer laws that have gone through for people who have been taken advantage of in just such a situation. Depends if that applies in your area. Some things to consider...you may want to talk to an attorney to double check.
I would consult with an atty
Brian
Brian
