Posted on: 06th Jun, 2010 07:43 am
i have been working with chase mortgage for over 1 year and have provided them with every stick of documentation they have requested (bank stmts, rental property lease, income, etc.). last friday after numerous calls for status, i asked to speak with an supervisor. not to my surprise i was disconnected after holding on for 45 mins. my concern and understanding is that chase is not trying to modifying loans, but buying time to see what really happens with all these mortgages (btw, i am not behind on my pmts)
here's my question (which i will also followup with naca), naca states that you can not own rental property to qualify for the program (which i have a couple of friends that have been modified on the spot by naca.) if i quit claim deed the property out of my name, will that suffice ownership of not owning the property?
here's my question (which i will also followup with naca), naca states that you can not own rental property to qualify for the program (which i have a couple of friends that have been modified on the spot by naca.) if i quit claim deed the property out of my name, will that suffice ownership of not owning the property?
Hi cedga,
If you sign a quit claim deed and transfer the property to someone else, then you will not remain the owner of the property any longer. However, you will still be liable for the mortgage unless the new owner of the property refinances it in his name.
If you sign a quit claim deed and transfer the property to someone else, then you will not remain the owner of the property any longer. However, you will still be liable for the mortgage unless the new owner of the property refinances it in his name.