Posted on: 06th Apr, 2009 02:13 pm
I HELPED MY FRIEND USING MY CREDIT TO PURCHASE HOMES IN DETROIT, HE SAID AFTER I BOUGHT THEM FOR HIM THAT THE RULES HAVE CHANGED FOR QUIT CLAIM THAT IT MAY TAKE 3 YEARS, NOW HES BEHIND ON MOST OF THE PROPERTIES AND MAY HAVE TO GO BANKRUPT , WHICH MEANS IM IN AREAL PICKLE CAN YOU HELP. LOST SHEEP
This could really hurt your credit rating. Can you sell the properties? I don't understand why it would take 3 years for a Quit Claim? What rules have changed. Are you refuring to the title insurance policy coverage
THE HOMES ARE FOR SALE BUT THERE WORTH 30 PERCENT LESS THAN WE BOUGHT THEM, SO THE BANKS DONT WANT THE LOSS AND HE CANT KEEP PEOPLE TO RENT BECAUSE OF THE ECONOMY AND RENTS ARE REALLY CHEAP BECAUSE OR FORCLOSURES
Hi DUBE,
If the properties are foreclosed, then it would effect your credit as the mortgage is in your name. As he is behind on payments, you should speak to the lender and apply for a loan modification. This will help you in saving the property as well as your credit report.
If the properties are foreclosed, then it would effect your credit as the mortgage is in your name. As he is behind on payments, you should speak to the lender and apply for a loan modification. This will help you in saving the property as well as your credit report.