Posted on: 04th Jan, 2010 05:14 am
my mom passed away in july. my sister is living in, and making payments on, a house which was financed in my mom's name. my sister is saying the mortgage company has told her we can do a "quick deed." supposedly, since the house now belongs to mom's estate, the estate can sell the house to my sister. my sister is saying there is a new program for people who are "upside down" in their homes. she is saying the mortgage company has told her that the estate can sell the house to her at the current appraised value of the house instead of what is owed and show a loss on the house. supposedly the mortgage company simply shows the "forgiven" amount against mom's estate's credit history.
i cannot find any documentation of this "program." it sounds to me like she is confusing a "quit deed" and "novation."
can you shed any light on this situation?
i cannot find any documentation of this "program." it sounds to me like she is confusing a "quit deed" and "novation."
can you shed any light on this situation?
I am not sure if what they are referring too is a quick deed or a short sale.
Generally , shortsales between family members isn't allowed b/c it's called a bailout. But in this case, they may be structuring it differently.
In essense, they are allowing your sister to purchase the house, and they will qualify her for the payments and the loan.
It all sounds legit, just be sure to get everything in writing, and have a title company/attorney that represents you, not the bank, complete the transaction.
Generally , shortsales between family members isn't allowed b/c it's called a bailout. But in this case, they may be structuring it differently.
In essense, they are allowing your sister to purchase the house, and they will qualify her for the payments and the loan.
It all sounds legit, just be sure to get everything in writing, and have a title company/attorney that represents you, not the bank, complete the transaction.
i believe that "quick deed" has entered the vocabulary of a great many of our citizens incorrectly. it appears to be a variation of "quit claim deed." it's commonly found on our forums and almost universally used in that fashion.
she could purchase the home from the estate, yes, with proper approval; and then obtain a new mortgage from this lender, it appears.
she could purchase the home from the estate, yes, with proper approval; and then obtain a new mortgage from this lender, it appears.
