Posted on: 07th Sep, 2010 01:44 pm
a friend of mine purchase a house with his girlfriend. the house is now in foreclosure. the girlfriend said that in order for the bank to shortsell the house, my friend will have to quit deed the property over to her.
why would he have to quit deed the house over to her in order for the bank to agree to short sell?
if he does, wouldn't he still be responsibly for the mortgage?
why would he have to quit deed the house over to her in order for the bank to agree to short sell?
if he does, wouldn't he still be responsibly for the mortgage?
Hi Andreomusic,
It is not necessary for your friend to quit claim the property to his girlfriend in order to convince the bank for a short sale. If he signs the deed and transfers the property to her, he will still be liable for the mortgage payments.
Thanks.
It is not necessary for your friend to quit claim the property to his girlfriend in order to convince the bank for a short sale. If he signs the deed and transfers the property to her, he will still be liable for the mortgage payments.
Thanks.