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HUD and a quitclaim

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AllanS Guest	Posted: Tue Mar 22, 2011 10:26 am    Post subject: HUD and a quitclaim Like 0 Dislike 0 My wife and I are currently trying to purchase a home now owned by HUD. Everything was going along fine until I received information yesterday that there is a problem with the title. I received a letter today from the title company and don't understand most of what they wrote, but one thing that stands out is they are trying to get a quitclaim from previous owners. I believe the original owners divorced and then, whichever continued living there, turned it over to someone else, at which time it went into forclosure and then taken possession by HUD, who, for some unexplained reason, was apparently oblivious to this at the time. If a quitclaim is filed, will I be expected to be responsible for anything, such as back-taxes, up until this point? And could the bank cancel the mortgage before we purchase the home, based upon this new development?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Mar 22, 2011 7:52 pm    Post subject: Like 0 Dislike 0 Hi AllanS, Once the property is transferred in your name, you'll become the sole owner of the property and responsible for everything related to the property. If there are back taxes, then you'll be liable for paying it. I will suggest you to ask the previous owner to pay off the back taxes, if any. I don't think the bank will cancel the mortgage if you get a free and clear title from the previous owner. _________________ Procrastination is the enemy of your financial success

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