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can i quit claim after loan modification?

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groundzero Joined: 03 Sep 2010 Posts: 2 1.56 Dollars($)	Posted: Fri Sep 03, 2010 7:43 pm    Post subject: can i quit claim after loan modification? Like 0 Dislike 0 My loan company has just allowed me a loan modification, but I am still unable to pay. Can I now quit claim the house to someone, not a family member for money and to save my credit?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Fri Sep 03, 2010 9:56 pm    Post subject: Like 0 Dislike 0 Hi groundzero! Welcome to forums! Quit claiming the property to someone else will not help you in getting released from your loan obligation. It will not help you in saving the credit even. If you cannot pay off the loan as per the modification plan, then you should let the lender know about it. He might offer you a better repayment plan to pay off the loan. Feel free to ask if you've further queries. Sussane
evelyn Guest	Posted: Sun Sep 05, 2010 8:51 pm    Post subject: quit claim Like 0 Dislike 0 I have just had a loan modification. Can I now quit claim the house to anyone I wish to make some money and get rid of the house?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Sun Sep 05, 2010 10:21 pm    Post subject: Like 0 Dislike 0 Hi evelyn, You can transfer the property to someone else through a quitclaim deed, but you would still be responsible for the mortgage payments unless the new owner refinances the mortgage in his/her name. _________________ Procrastination is the enemy of your financial success

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