Posted on: 27th Jul, 2009 07:20 pm
my house is currently under pre foreclosure there is no sale date
however we are in a middle of a shortsale, cant find a buyer.
however my girlfriend can buy the property, but she has been living there and @ closing i had her put her name on title cause she is my bestfriend.
now being that said can she quit claim her name off thee deed and will the bank allow her to buy the house.
however we are in a middle of a shortsale, cant find a buyer.
however my girlfriend can buy the property, but she has been living there and @ closing i had her put her name on title cause she is my bestfriend.
now being that said can she quit claim her name off thee deed and will the bank allow her to buy the house.
As the property is already into pre-foreclosure, I doubt whether the lender would allow her to quitclaim and then buy the property. In my opinion, it would be better if you could speak to the lender about the your plans and check if he agrees to it or not.
i would like to tell you ,a quit claim deed offers little protection for the buyer down the road. although the property will be transferred to the grantee from the grantor, the quit claim deed does not legally protect the grantee from future claims to the property, including any mortgage or home equity loan on the property. since the grantor does not legally own the property this leaves a door open for potential problems regarding the property in the future.
i don't think the lender would allow her to quitclaim and then buy the property.u should speak to the lender abt that.
i don't think the lender would allow her to quitclaim and then buy the property.u should speak to the lender abt that.