If I am interested in a property and the owner’s Chapter 7 was discharged, can she quitclaim the deed and let me make the payments until I can take out a loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I am interested in a property and the owner’s Chapter 7 was discharged, can she quitclaim the deed and let me make the payments until I can take out a loan?
A close friend of mine has been discharged from Chapter 7 and does not wish to retain her property and is not reaffirming the debt. I am in a position to pay the mortgage payments. Can she quitclaim the deed to me and I make the payments until such time I can accomplish buying the property? She is upside down in equity (no equity) so I don’t think the Trustee would overturn the bankruptcy.
Asked on July 29, 2012 under Real Estate Law, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No, do not enter in to any agreement here with her unless they are in writing. It may be true that the lender will not foreclose if payments are continuing to be made but they can indeed do that if they choose. Please speak with an attorney becuase you could be throwing away money here. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.