Posted on: 01st Oct, 2010 04:42 pm
hi. about 4 years my siater and i bought a property for investment when the economy went bad and we have fianancial problems we stop making payment and the bank did a loan modification by merging the two loans and lowering the interest, but at the same time my sister declare bk and she move to the house and live free for more than 6 monhs. when we got the new laon the payment still very high,and even if we rented did not cover the morgage payment. so i was going to a hardship at the time and my sister desided to keep the house and to shr told me sign a quick claim so at the time i agree,but know that she in going getting the document ready i realize the by signing i giving every right to the property ans still reposible for the loan.i told my sister the only way i would sign if she refinance the house only on her name,but she have the problem os bk. please help me i dont not wants to hurt my sister and either i dont want hurt myself what is the best desicion.
Hi Iree,
It is true that though you sign a quit claim deed and transfer the property to your sister, yet you'll be liable for paying the mortgage on the property unless she refinances it in her name. If you can afford to pay the mortgage, then you can go ahead with the deal.
It is true that though you sign a quit claim deed and transfer the property to your sister, yet you'll be liable for paying the mortgage on the property unless she refinances it in her name. If you can afford to pay the mortgage, then you can go ahead with the deal.