Posted on: 01st Jul, 2010 06:08 pm
i have a condo in wa state that i want to quit claim to an individual for $1.
he will make all payments until he can refinance. is this a safer route then deed in leiu? and, can the bank demand full pmt from me? what are my tax expectations?
he will make all payments until he can refinance. is this a safer route then deed in leiu? and, can the bank demand full pmt from me? what are my tax expectations?
hi rondlx!
welcome to forums!
i don't think that the plan that you've mentioned is safe compared to a deed in lieu of foreclosure. in case the person whom you transfer the property does not pay the mortgage dues on time, then it will have a negative impact on your credit and the lender will come after you to recover it. also, if the property is foreclosed, you would be liable for paying the balance amount. thus, you won't remain the owner of the property but you would be liable for the mortgage dues.
feel free to ask if you've further queries.
sussane
welcome to forums!
i don't think that the plan that you've mentioned is safe compared to a deed in lieu of foreclosure. in case the person whom you transfer the property does not pay the mortgage dues on time, then it will have a negative impact on your credit and the lender will come after you to recover it. also, if the property is foreclosed, you would be liable for paying the balance amount. thus, you won't remain the owner of the property but you would be liable for the mortgage dues.
feel free to ask if you've further queries.
sussane