Should I consider quit claim deed if Im at risk of my sub prime loan changing soon - need to refi

tniskey · Joined: 19 Sep 2008 Posts: 1 1.27 Dollars($)

I don't want a co-signor on my house however I need additional income to bail out of this sub-prime loan. I was told to ask a friend to do a quit claim deed. what are the risks! will they then have all property rights of my house?

Guest 0.10 Dollars($)

Hi tniskey,

If you quitclaim your property to a friend, he will have the interests in the property and not you. If you mention the clause of life estate in that deed, then, you will have the right to stay in that property until death.

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