Posted on: 03rd Sep, 2010 07:43 pm
My loan company has just allowed me a loan modification, but I am still unable to pay. Can I now quit claim the house to someone, not a family member for money and to save my credit?
Hi groundzero!
Welcome to forums!
Quit claiming the property to someone else will not help you in getting released from your loan obligation. It will not help you in saving the credit even. If you cannot pay off the loan as per the modification plan, then you should let the lender know about it. He might offer you a better repayment plan to pay off the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Quit claiming the property to someone else will not help you in getting released from your loan obligation. It will not help you in saving the credit even. If you cannot pay off the loan as per the modification plan, then you should let the lender know about it. He might offer you a better repayment plan to pay off the loan.
Feel free to ask if you've further queries.
Sussane
I have just had a loan modification. Can I now quit claim the house to anyone I wish to make some money and get rid of the house?
Hi evelyn,
You can transfer the property to someone else through a quitclaim deed, but you would still be responsible for the mortgage payments unless the new owner refinances the mortgage in his/her name.
You can transfer the property to someone else through a quitclaim deed, but you would still be responsible for the mortgage payments unless the new owner refinances the mortgage in his/her name.