I freind of mine is giving a house but he want to quit deed it should i?

Question

i frenid of mine wants to give me i house because he cant afforde the one he lives and this one. I cant get a loan to buy the house because i just filled chapeter 7. He says we can just do a quick claim deed and i could just take over the payments intill i can do a refei in a couple of years but is this a bad ideal he work for a title company so he said he seen it done before.

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Answer 2

What if this is an Adjustable Rate loan?  Maybe the payments are $800 now, but they could jump to $1200 in four months!

What is the loan amount for?  Has he kept up on the taxes?  What is the market value of the home?  You need to know this.  If the loan is for $300000 but the place can only sell for $220000 you are already upside down.  I wouldn't trust your friend as far as you could throw him.

"If something seems too good to be true, it probably is." This probably applies here.

Just do some homework on the place.  

Good Luck!

Answer 3

First you should lean English.

Your grammar is horrible.

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