Posted on: 08th Dec, 2008 05:17 am
Hello,
Can property be quitclaimed if mortgaged by a private investor and taxes are delinquent?...My sister in law is living and paying on a piece of property in FL thats in her parents name and mortgged by a private investor (she didnt have strong enough credit for the mortgage) it was homestead exempt , but now her parents have taken the homestead off and placed it upon their own home. Her taxes are 2 yrs behind due to the enormous cost now the homestead has been taken off and the new yr is due. They want to do a quitclaim deed so it will be in my sister in laws name and she can get it homestead BUT like i said the mortgage is being held by a private investor NOT a finance company. Can this be done??
Can property be quitclaimed if mortgaged by a private investor and taxes are delinquent?...My sister in law is living and paying on a piece of property in FL thats in her parents name and mortgged by a private investor (she didnt have strong enough credit for the mortgage) it was homestead exempt , but now her parents have taken the homestead off and placed it upon their own home. Her taxes are 2 yrs behind due to the enormous cost now the homestead has been taken off and the new yr is due. They want to do a quitclaim deed so it will be in my sister in laws name and she can get it homestead BUT like i said the mortgage is being held by a private investor NOT a finance company. Can this be done??
hi seashellcrzy
quitclaim deed will only transfer the property in your sister-in-laws name. however, once the property is transferred in her name, she will have to refinance the property. the refinancing can be done with the private lender or with any other lender. once the property is transferred in her name, then she can apply for a homestead. but i think she will have to clear the taxes.
thanks.
quitclaim deed will only transfer the property in your sister-in-laws name. however, once the property is transferred in her name, she will have to refinance the property. the refinancing can be done with the private lender or with any other lender. once the property is transferred in her name, then she can apply for a homestead. but i think she will have to clear the taxes.
thanks.