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Can I use a Quit Claim deed or transfer rental property that still has a mortage to my Mom?

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afgreen1 Joined: 29 Jun 2011 Posts: 1 1.33 Dollars($)	Posted: Wed Jun 29, 2011 7:41 am    Post subject: Can I use a Quit Claim deed or transfer rental property that Like 0 Dislike 0 I have 2 rental properties that I must sell because of a hardsip. My primary home and both rental properties are upside down and cannot sell because the current value has decreased. Can I short sale or tranfers the property to a family member? Currently all payments have been made on time. So I am not in default. My Mom is retired and on a fixed income, is there a hardship program that I can apply for to save my credit rating?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Jun 29, 2011 9:34 pm    Post subject: Like 0 Dislike 0 Hi afgreen! Welcome to forums! You can transfer the property to your family member. But if you wish to short sale the property, you need to inform your lender. As you're not in default, I don't think the lender will be ready to short sale the property. Feel free to ask if you've further queries. Sussane
Guest	Posted: Thu Jun 30, 2011 6:37 am    Post subject: Transfer Property Like 0 Dislike 0 Can you short sell property to a family member?

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