Quit deed/no equity or cash?

Question

ok if its not a good idea to do a quit deed then what do you suggest when with the current market the way it is its difficult to sell an up side down home and no cash or equity to do a buy you so what happened to my child support money, i wouldn't get it?

Answer 1

Your question is unclear.  A quit claim deed does nothing toward getting you off a mortgage loan.  It merely transfers whatever interest you may have in the property title to another party.

Answer 2

Quit claim deeds are seldom used any more. A quit-claim say "I am transferring any and all interest i have in this property to you".  The problem is that it is legal for me to give you a quit-claim to a nearby bridge or freeway.  I am giving you all my ownership in that bridge.... of course, my ownership is zero.  But it's legal.

Answer 3

keep the home; it is both a residence and

a long term investment.  PUT a small biz

in it to make the payments.

OR......my invention; sell PART of the house

to an investor!!!

Answer 4

You cannot sell an upside down in value home, period.  No cash buyer would do that, and anyone needing financing would not get it to appraise for what they need to cover the amount of the mortgage.

I have no idea what you are talking about in child support money.

Answer 5

I don't understand the connection with your child support money. However...

It's virtually impossible to sell an upside down home conventionally. You owe more than it's worth. So, let's say you owe $200,000, but the property's only worth $150,000. If a seller paid you $150,000, you'd have to come up with another $50,000 to satisfy your lender.

If you're facing an economic hardship, you can try a short sale. In the example above, you'd put your house on the market for $150,000. You'd get an offer of, say, $140,000, which you'd accept. The contract would be between you (the seller) and the buyer. But the contract would also be contingent upon your lender's approval. You'd be asking the lender to take a loss of $60,000 on the transaction. Sometimes lenders approve short sales, sometimes they don't.

Short sales significantly damage your credit scores.

If you're receiving child support as a result of a divorce decree, you'd still receive it (unless there's something in the decree addressing the sale of your property).

You really need a lawyer to sort all these things out.