Posted on: 02nd Jun, 2009 03:48 pm
A friend of mine has a house in his name his mother left him clear no payments. He has refinanced his house 3 or 4 times since to pay for very high credit card debt. Now he owes more on the house than what it he can pay. Now he may have to foreclose and move out. His mother has move to a nursing home and she again signed a quick claim deed to give him another "free house" It needs alot of work so I help him get started again. He wants me to sign a quick claim deed so if anything happens to him I will get the house and my investment money back. Is this a good idea? Can he borrow again in house equity and start charging credit debt? Will I be notified if this happens? What will this do to my perfect credit history? Should I sign the deed before in goes to forecloser?
Jastout,
once yoru friend gives you a quite claim deed and it is recorded ( Which is the best process), I do nto think that yoru frind will be able to do anythign with the house.
You will have all the rights on the house and you can sell it when you want.
Realgeni
-Good credit is easy to achieve, as logn as you use it responsibly.
once yoru friend gives you a quite claim deed and it is recorded ( Which is the best process), I do nto think that yoru frind will be able to do anythign with the house.
You will have all the rights on the house and you can sell it when you want.
Realgeni
-Good credit is easy to achieve, as logn as you use it responsibly.
Hi jastout,
If your friend quitclaims the property to you, then you may have to refinance the loan in your name. As you have mentioned that the property does not have equity, it would be difficult for you to refinance it. It would be better if you do not involve in this agreement.
Once he transfers the property to you, your friend will not be able to take a loan on that property to pay off the credit card dues.
If your friend quitclaims the property to you, then you may have to refinance the loan in your name. As you have mentioned that the property does not have equity, it would be difficult for you to refinance it. It would be better if you do not involve in this agreement.
Once he transfers the property to you, your friend will not be able to take a loan on that property to pay off the credit card dues.
Adonis,
Probably you miss read the message from Jastout. his frined is gettign one more property from his mother and he was give quite claim deed on it this to to Jastout, so if he messes up the investment jatout does to reapir the house then he can claim his money by sellign he hosue.
Realgeni
-Good credit is easy to achieve, as logn as you use it responsibly.
Probably you miss read the message from Jastout. his frined is gettign one more property from his mother and he was give quite claim deed on it this to to Jastout, so if he messes up the investment jatout does to reapir the house then he can claim his money by sellign he hosue.
Realgeni
-Good credit is easy to achieve, as logn as you use it responsibly.