Mortgage Forum
Is "Quit Claim" a viable legal alternative to a "formal" for
This is a topic titled Is "Quit Claim" a viable legal alternative to a "formal" for made in the Mortgage Talk section, belongs to our Mortgage Chat category; My wife and I sold property to another couple who have decided they can no longer make payments (has nothing to do with mortgage terms, etc). They are three months ...
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| Members List | Search | Today's Posts | Mark Read |
October 24th, 2008, 05:53 AM
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| Senior Member Registered: Apr 2008
Posts: 1,497
|  Is "Quit Claim" a viable legal alternative to a "formal" for My wife and I sold property to another couple who have decided they can no longer make payments (has nothing to do with mortgage terms, etc). They are three months behind and owe over $3000 in taxes. If they are willing, could we use a quit claim to revert the property back to me and my wife? I understand that we would be responsible for the taxes (if we can't convince the other couple to take care of them immediately) and that we should not expect the back three payments. We live in Wyoming... |
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