Posted on: 05th Sep, 2010 01:18 pm
hi,
i cannot continue to make the mortgage payment on my home and am about 4 months behind in my payments. it even has a second mortgage that i haven't been able to pay for a year. can i quitclaim deed to very very close friends of mine who are aware of both mortgages? they will pay the overdue payments and take over until they are in a better position to refinance in their name.
thanks, connie
i cannot continue to make the mortgage payment on my home and am about 4 months behind in my payments. it even has a second mortgage that i haven't been able to pay for a year. can i quitclaim deed to very very close friends of mine who are aware of both mortgages? they will pay the overdue payments and take over until they are in a better position to refinance in their name.
thanks, connie
Hi CGOMES,
You can transfer the property to your friends with the help of a quit claim deed if the lender have not started the foreclosure process yet. Once they get the property, they will have to make all the late payments and bring the loan current. Once both the loans are current and if the property has some equity in it, then your friends can refinance the mortgage in their names.
You can transfer the property to your friends with the help of a quit claim deed if the lender have not started the foreclosure process yet. Once they get the property, they will have to make all the late payments and bring the loan current. Once both the loans are current and if the property has some equity in it, then your friends can refinance the mortgage in their names.