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Selling after a quit claim deed.

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Guest	Posted: Fri Apr 15, 2011 11:18 am    Post subject: Selling after a quit claim deed. Like 0 Dislike 0 Our friend bought a 2nd house with equity from her 1st home. We have been living in the house for 2 years and have been paying for everything in the house (rent, taxes, fixing up) She said that she would do a Quit claim deed and put the house in our name and have us pay her back with a home equity loan. We had wanted to move out of state by the end of the year. Can we get our name on the deed and then sell it a few months later? Also, our chap 7 was discharged in April. Will that cause problems. Thank you
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sat Apr 16, 2011 12:30 am    Post subject: Like 0 Dislike 0 Hi Guest, In order to get qualified for an mortgage loan through FHA,you should have to wait after its discharge...for conventional loans you have to wait for 4 yrs after discharge of ch.7 BK. So at present you won't qualify for the loan...When you qualify for the loan,you can surely transfer the deed to your name and then sell it off..but I do not think that real estate market will improve in one year...... Feel free to ask any further query if you have........... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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