Posted on: 16th Sep, 2007 04:59 pm
i bought a house for a friend. she pays the mortgage but has been late a few times. the agreement was for her to refinance it into her name which she hasn't and the late payments have affected my credit and is making it hard to get a good rate on my own refi. is there a way to quick deed the home to someone else without selling it and take it off of myself?
Hi Serena,
Welcome to the forum.
Even if you quitclaim the house to someone else, it will not remove your name from the mortgage. So, it will be of no use to quitclaim over the house.
Moreover, according to the contract, if your friend has not refinanced, it means that he had violated the agreement. In that case, you can approach an attorney general and take necessary legal action against your friend.
Welcome to the forum.
Even if you quitclaim the house to someone else, it will not remove your name from the mortgage. So, it will be of no use to quitclaim over the house.
Moreover, according to the contract, if your friend has not refinanced, it means that he had violated the agreement. In that case, you can approach an attorney general and take necessary legal action against your friend.
The moderators should make a sticky for this.
There is no way to keep a house that has a mortgage without paying off the mortgage. It is as simple as that. I see this question on a lot of mortgage forums. And no offense to anyone but it makes me laugh everytime. If you could do this noone, I repeat, not one person would ever pay their mortgage payments. They would just transfer to their buddy and keep doing that.
Now there are extreme situations of predatory lending but I think everyone knows what I mean.
Oh and last but not least to answer your question. Yes if you have someone willing to purchase it and they can get a mortgage or pay cash then you can sell to them. You do not have to use a realtor most mortgage brokers would be willing to let you close the deal through their title company or attorney as they will be doing most of the same work anyway no matter where the customers buy.
There is no way to keep a house that has a mortgage without paying off the mortgage. It is as simple as that. I see this question on a lot of mortgage forums. And no offense to anyone but it makes me laugh everytime. If you could do this noone, I repeat, not one person would ever pay their mortgage payments. They would just transfer to their buddy and keep doing that.
Now there are extreme situations of predatory lending but I think everyone knows what I mean.
Oh and last but not least to answer your question. Yes if you have someone willing to purchase it and they can get a mortgage or pay cash then you can sell to them. You do not have to use a realtor most mortgage brokers would be willing to let you close the deal through their title company or attorney as they will be doing most of the same work anyway no matter where the customers buy.
yeah i agree with you eric. no one would every try to complete paying off their mortgage if they could keep their home without paying down their debt. but none can get rid of a loan just because he has quitclaimed his property to someone else. for that either he has to refinance or transfer his loan through novation.