Posted on: 24th Oct, 2008 02:10 pm
My friend is willing to give me a brand new 3bd/ 2 bth house and i dont know what to do about the legallities of it and she stopped paying on and owes for October, should we do a quick claim or quit claim or what? it is in Tennessee.
hi dominica!
welcome to forums!
if your friend wants to transfer the ownership rights of the property to you, then he/she can sign a quitclaim deed in your favor. however, if your friend also wants you to take the mortgage, then you will need to refinance it. to know more about refinance, you can check the following link:
http://www.mortgagefit.com/refinance.html
lenders also prefer refinancing. you will have to contact the lender for this and he will tell you what you are required to do.
feel free to ask if you have further queries.
sussane
welcome to forums!
if your friend wants to transfer the ownership rights of the property to you, then he/she can sign a quitclaim deed in your favor. however, if your friend also wants you to take the mortgage, then you will need to refinance it. to know more about refinance, you can check the following link:
http://www.mortgagefit.com/refinance.html
lenders also prefer refinancing. you will have to contact the lender for this and he will tell you what you are required to do.
feel free to ask if you have further queries.
sussane
Hi Dominica!
Quitclaiming the property in your name will only transfer the ownership rights in your name. This will not transfer the mortgage. To transfer the mortgage you will have to go in for refinance.
Thanks.
Quitclaiming the property in your name will only transfer the ownership rights in your name. This will not transfer the mortgage. To transfer the mortgage you will have to go in for refinance.
Thanks.