Posted on: 17th Jan, 2011 09:54 pm
if i quit claim my house that is clear and free to my friend, would he be able to immediately borrow against it for line of credit or heloc or home equity loan?
Hi Pcookinc!
Welcome to forums!
As the property is free and clear, you can use a warranty deed in order to transfer the property to your friend. Once the property is transferred to your friend, he will be able to take a mortgage against it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the property is free and clear, you can use a warranty deed in order to transfer the property to your friend. Once the property is transferred to your friend, he will be able to take a mortgage against it.
Feel free to ask if you've further queries.
Sussane
Most mortgage companies require to own a property for some period, usually 6 months, before refinancing.
i am sure you have a plan in mind, but, why would you do that?
quit claim your friend onto the deed along with yourself, do not remove yourself. why would you give up all rights to the property. your friend could sell the house if he is the sole owner and you get nothing.
as noted above, most lenders have an amount of time that one must be on title before they do a cash out refinance.
i am not an accountant or an attorney. you probably have some tax and gift implications if you give someone a property by quit claim and nothing paid to do it.
quit claim your friend onto the deed along with yourself, do not remove yourself. why would you give up all rights to the property. your friend could sell the house if he is the sole owner and you get nothing.
as noted above, most lenders have an amount of time that one must be on title before they do a cash out refinance.
i am not an accountant or an attorney. you probably have some tax and gift implications if you give someone a property by quit claim and nothing paid to do it.
my cousin signed a quick claim deed over twice one time in 2001 and smae property again with quick claim 2004 which nether party was not an heir cousin suffered from dementia but now decease in Dec2010 which quick claim deed is still under party that not relative and that was family property only 2heirs living what should i do to setaside deed what to do
Welcome CAROLYNGREEN,
You should discuss this matter with a real estate attorney and show him the required deeds. He will go through the situation and let you know what steps you need to take in this regard.
You should discuss this matter with a real estate attorney and show him the required deeds. He will go through the situation and let you know what steps you need to take in this regard.