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Transferring Property To Another Person

April 19th, 2012 by Jarad

Transferring Property To Another Person – Is it Possible?

Transferring property to another personQuestion:  We are considering using a holding group and transferring our property to another person to avoid having to hassle with a short sale ourselves; in California, can my lender come after me for transferring property without their prior authorization? This holding group says they take care of everything including the lender.

Answer:  – Transferring property to another person using a quit claim deed or warranty deed is not illegal, however just because a different name shows up on title and a new owner is recorded on the county records, you are still liable for paying off the loan(s)! […read more]

who do i pay rent to when the apartment is in foreclosure?

August 15th, 2008 by Jarad

Question: who do i pay rent to when the apartment is in foreclosure?

Answer: -You’ll have to work that out with your landlord. I personally knowing if the property was in foreclosure would have a difficult time making payments to anyone because they are causing me an inconvenience by moving. If I was renting and knew the property was in foreclosure I would approach the landlord and ask him to sell it to me (that is if I knew I could rent it out or wanted to live there). Then I would ask to take it over “subject to” the existing loan. The loan would stay in his name but he would have to deed the property over to me, that way I control it. Then I’d have to cure the loan and I’d have to be creative in doing so. I’d either use a credit card, family member or lease it to someone else and require a large enough down payment to cure the loan and put $5,000 in my pocket. So now I own a piece of property, I have $5,000 in my pocket and I have no risk. Worse case I walk away with 5K and I have to move which I was going to have to move anyway.

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