By way of quit claim your friend wants to transfer his interest in the property in your name. It is a popular and simple means of transferring owns interest in property to someone else.
Your friend, may be because of some financial problem is not able to keep up with his mortgage payments and wants to prevent his home being foreclosed. You should advice him to discuss his situation with the lender and arrange for some kind of loan modification or forbearance plan to recover the back payments that he has not been able to make.
The lenders most often do consider temporary financial problems and agree to some plan by which a person can get back to regular payments.
You have two options. Add yourself to title and refinance which will reduce your out of pocket expenses or purchase the home. I think it would be fine to add yourself to title and do the refinance. If you have good credit, that shouldn't be a problem. Just keep in mind that you will putting a mortgage into your name and will be responsible for that payment if your friend ends up defaulting at any time in the future. _________________ Lisa Scherzer
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Posted: Tue Mar 11, 2008 11:21 pm Post subject: RE: ex does not pay mortgage
Hi Bina,
Is your ex-spouse on the loan? and are you there too? If you are on the loan and your ex isn't paying, well, I'm afraid you'll have to make payments and save your home.
If the lender is coming after you, why don't you explain them the reasons for not paying and try to negotiate with them and fix up a repayment plan to clear the debt. Otherwise it might affect your credit and make it difficult to qualify for loan within the next few years.
If you don't want the house then you can file a Partition Lawsuit against your ex. The house will be sold and the proceeds will be divided between both of accordingly. If you want to know more about Partition Lawsuit check out this discussion - http://www.mortgagefit.com/know-how/removecoborrower.html
Hope it helps.
Feel free to ask if you have any further questions.
Posted: Thu Jun 26, 2008 8:27 pm Post subject: quick deed
My husband and I split up a year ago, he stayed in the house and I left.
I told him I don't want nothing from the house, just refinance to get out my
name off the house. I found out he has opened up several credit accts in my
name. It's been a year he still has not refinanced.....What should I do?
Sophia do you plan to get back with him? If not get a divorce. He still has no legal right to use your credit you may want to gather the proof to show your attorney
Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
talcaraz55
