Help…Help!! Quit Claim Deed? - Posted by Michael
Posted by Michael on October 05, 2003 at 10:37:19:
Help! Help! Quit Claim Deed?
I have a tough situation at hand. A friend of ours (who is very wealthy and we are not:-) owes $15K on his 3bdr home with 15 Acre of land here in Vermont. He is moving out of state soon and don’t have the time to deal with Realtors. He offer to me to either assume the mortgage or to buy for what he owes the bank which is $15K (I checked). Initially he was going to move out of state & notify the bank to take the property. My life savings is only $9K (bonds, shares, CD, etc) but I don’t want to liquidate everything to buy this property and then stay broke. I read once that owners can Quit Claim their Deed. Can he sign a Quit Claim Deed and transfer the property to me? This way will not raise any flags with his mortgage company. The payments will continue, of course on his name, but by title the property is mine? Could someone help me please. He is a long time friend…there is no problems with the property at all…$270/month is the PITI…he has no knowledge of the transaction.
Please email me to email@example.com. Will post the results.