Posted on: 29th Apr, 2008 09:09 am
i am about to rent a properity of a friend that can not afford to pay the mortg cause she had the house she is living in built about a year ago and has not sold this house. my question is: can i do a quit claim deed and take the properity over and if i do will the mortg roll over into my name my credit score is about a 560
hi virginia,
welcome to the forum.
you cannot quitclaim. your friend who is the owner is the property can quitclaim to you but she needs take the lenders consent before quitclaiming the property to you.
btw you need to refinance the mortgage to take over the mortgage responsibilities as you will be the sole owner of the property after your friend quitclaim to you.
best of luck,
larry
welcome to the forum.
you cannot quitclaim. your friend who is the owner is the property can quitclaim to you but she needs take the lenders consent before quitclaiming the property to you.
btw you need to refinance the mortgage to take over the mortgage responsibilities as you will be the sole owner of the property after your friend quitclaim to you.
best of luck,
larry
Welcome Virginia.
Larry has rightly said that you cannot quitclaim the property simply because you are not the owner of the property. Your friend is the owner right. So she needs to quitclaim.
Can you afford the mortgage payments? You will have to take over the mortgage as Larry has also pointed out above. Consult with the lender and see can he approve you to take over the mortgage.
Larry has rightly said that you cannot quitclaim the property simply because you are not the owner of the property. Your friend is the owner right. So she needs to quitclaim.
Can you afford the mortgage payments? You will have to take over the mortgage as Larry has also pointed out above. Consult with the lender and see can he approve you to take over the mortgage.
If you want to rent the house, you should enter into a standard lease.
