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Answers (6)
- Alise Roberts
- Contributions:2236
Please seek legal counsel before proceeding with anything. There are a too many issues here to take on title without knowing what all the consequences can be.
- Mrs.. and Mr. G
- Contributions:17
Our friend hasn't made payments in 4-5 months and says he's $7k in debt for property taxes. I'm thinking to stay away from this.
- Pasadenan
- Contributions:21396
Will the lender(s) accept a "short sell"? Has that been looked into yet? Is it already underwater, or is it just that the friend cannot make the payments? Can it be rented out for more than the payments? What about room rental to supliment the payments?
- Mayra Alvidrez, "Mayra A Alvidrez"
- Contributions:65
why dont you ask your friend to sell the property to you instead of quitclaim it because remember title and loan are two totally different things see all the options that you two may have maybe the one your thinking is not the best one
- sunnyview
- Contributions:25115
Please do not do it. Friendship and business like this do not mix. Offer instead to find or go to a low cost consultation attorney consultation with your friend instead. If your friend is sinking, you cannot help them if you are underwater with them. Throw them a line to qualified help and stay on the shore.
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
The home will still have liens on it, it's not going to save the house. You'll just be bringing yourself into a bad situation.
A friend is in hardship and wants to quitclaim to us. Can that be done and what are the consequence
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