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When the economy is not doing well, thousands of people may very well lose their job as well as their ability to continue meeting mortgage payments. When that happens, the inevitable follows - foreclosure of the property is looming ahead in the horizon. If no action is being taken, the lender will foreclose the property, and the homeowner will become homeless.
Quitclaim deed can help take your name off the title but it does not transfer the mortgage debt. If you quitclaim property to someone, being a grantor, you may have to pay gift tax. But the recipient does not have to pay any tax at all.
If an owner quitclaims property while being on Medicaid assistance, the State may take action against such a transfer as per the Uniform Fraudulent Transfer Act.
Anyone who has had to go through a legal process (and that's practically everyone) knows that there is a plethora of papers involved. One of the most common types of legal papers is a quit claim deed. This is basically documentation that allows a person to give away his rights to a piece of property to another person or entity. In effect, the person who signs the quit claim deed transfers the right to ownership of that property to someone else. Related Article Tags: , ,
How would you like to be able to buy tax sale properties for less than what they would go for at the tax sale? And because you are purchasing the property from the owner, before the tax sale, you don’t have to worry about clearing the title. Related Article Tags: , , ,
Married couples have a lot of protections under law. Unmarried partners do not in many places. What can partners do to protect each other and prepare for life's problems and unfortunate circumstances. Related Article Tags: , , , ,
The deed to a property is a legal document that establishes ownership. There are different types of deeds. Here is an overview of a quit claim deed. Related Article Tags: , , , , , , , , , ,
In part one we left off deciding whether or not we would drop the agreement for deed. In part two we will continue our scenario. Related Article Tags: , , ,
If you are in the market of purchasing or selling a home, it is likely that you will come across many different documents of a wide variety, each of these will likely have different uses, functions, and names associated with it. When selling or buying a home two documents that are misunderstood the most are called quit claim deed and warranty deed. People tend to believe that both forms are exactly alike, well I am here to tell you differently.
A deed to a property is an essential document passing ownership of a property from the seller to the buyer. There are several things to consider when deeding a property. Related Article Tags: , , ,
When selling a home, there are a few fundamental topics you need to understand. This brings us to the issue of the different types of deeds you will run into. Related Article Tags: , , , , , , , , ,
I am often asked why a lender wouldn't take back a deed in lieu of foreclosure when the homeowner offered his deed to the lender before he went into foreclosure. The lender will not consider a short sale or a deed in lieu of foreclosure until the homeowner is at least 90 days late on his mortgage or deed of trust payments in most states. In some states like Georgia, the foreclosure period is only 30 days so check what your state's foreclosure laws are before assuming anything or listening to anyone who is not an attorney. Related Article Tags: , , , , , , ,
During the process of selling or purchasing a house, there will probably be several kinds of documents that you will encounter. All will have different names and different uses and functions. Two of the most misunderstood documents are the warranty deed and the quit claim deed. Related Article Tags: , , , , , , ,
Have you heard of agreement for deed but you’re not really sure if this would apply to you? Not really sure of how it would work for you? Related Article Tags: , , ,
Say you have a great deal and you are just waiting to close it out. In fact, tomorrow your plan is to get the deed (if they are willing to give it to you).
Learn what a "deed in lieu of foreclosure" is and whether it can really benefit a homeowner in foreclosure. Related Article Tags: , , , , , , , ,
Whether tax lien investing or tax deed investing is better for you depends on the state that you live in and what your goals are. If you are looking to pick up property under market value than you are better off with tax deeds than with tax liens. If you do your homework and purchase tax liens on good properties, the chances of foreclosure are slim. Related Article Tags: , , ,
When you buy the house subject to, does that mean the seller doesn't care about their credit? Some sellers just don't. Related Article Tags: , , , , ,
Can a second mortgage holder force a foreclosure? This is a question you might be asking yourself if you are in this situation. Related Article Tags: , , ,
There are many milestones in our lives that merit celebrations and tokens of congratulations, but becoming an American citizen, a citizen of the United States of America, is one of the most monumental. For the new American citizen no gift will mark this special day better than an official legal document proving a new citizen’s ownership of a piece of America.
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