Posted on: 13th Oct, 2009 11:12 am
I'm trying to get my loan modified with NACA. They only help you if you only own 1 property. I have half ownership in a 2nd property. Can I quitclaim the 2nd property to someone else?
Lisa
In California
Lisa
In California
Hi Lisa,
You can quitclaim your interests in the second property to someone else. This will remove your name from the title to that property. But is there a guarantee that they will do the modification if you quitclaim the other property? Make sure you qualify for the modification before quitclaiming the property, because once you sign over the ownership to someone else, you cannot get it bank until he/she quitclaims it back to you.
Thanks,
Jerry
You can quitclaim your interests in the second property to someone else. This will remove your name from the title to that property. But is there a guarantee that they will do the modification if you quitclaim the other property? Make sure you qualify for the modification before quitclaiming the property, because once you sign over the ownership to someone else, you cannot get it bank until he/she quitclaims it back to you.
Thanks,
Jerry