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my house is in forclouse and my brother in law says i can quick cliam the loan to him or sign over the house, and he will be responsable for all of it the loan taxes ALL OF IT i need to know if this is a true statment

banker0679 · Posted: Tue Sep 23, 2008 6:20 pm Post subject:

Most mortgages have an accelerated clause that can make you pay in full if the deed is transferred to another person. Remember that if you have the deed in your name, you will still have the mortgage in YOUR NAME. This means that YOU are still responsible to make the mortgage payments. If he wants the house, then tell him to purchase it outright from you.

smithsussane · Posted: Tue Sep 23, 2008 8:11 pm Post subject:

Hi SHARIDOTO!

Welcome to Forums!

If your house is already in foreclosure, then you will not be able to quitclaim it to your brother-in-law. Moreover, signing a quitclaim deed will only transfer the property to your brother-in-law and not the mortgage. To transfer the mortgage, your brother in law has to go for the process of novation or refinance the house. But as you have stated that the house is in foreclosure, I don’t think he will be able to do anyone of this.

Feel free to ask if you have further queries.

Sussane

mike5 · Joined: 19 Sep 2008 Posts: 13 7.87 Dollars($)

Hi SHARIDOTO
You best option is not to try to asses this yourself.
ask about foreclosure rescue so that you recieve the proper assistance and do it leagally and correctly.

No solicitations please

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