Helping A Freind From Forclosure.....?
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I have a freind who is in default on her mortgage loan and want to help her. She can't refinance because of her credit. There is equity in the home right now and I would like to know if there is a way that I can quick claim deed the house in my name and refinance it immidiatley to lower the payments since I have great credit. If so so, does anyone have any banks in mind that do that instead of waiting 6 months or so for vesting on title? Thanks
Helping A Freind From Forclosure.....?Wouldn't it be nice if some people actually read the question before spouting an advertisement for an answer. A QUICK Claim adds a name to title ! Once recorded get a copy on the spot for the lender to use. Online property records often take weeks for the recent change to show up. You can find loan programs that dont require seasoning, wells fargo has some and offer several through their subprime branch called union planters.
It is very admirable of you to be willing to do this for your friend. You can e mail me for advice as you progress with this matter under one condition. There will be no personal business or compensation involved.
Helping A Freind From Forclosure.....?A Quit Claim Deed (QCD) is not going to help. That just quits her interest in the property, not her obligation to repay the loan.
If she is truly a friend and you don't mind the potential loss of money, then pay her catch-up payment and worry about refinancing later. Time is running out quickly for her.
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