What are the ramifications of getting a housethat will be foreclosed onvia quitclaim?
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What are the ramifications of getting a housethat will be foreclosed onvia quitclaim?
Neighbor walked away from house. House is falling into disrepair. Neighbor will quitclaim deed to me as I am willing to spruce it up and rent it out. Neighbor will do this for free. Mortgage company not rushing to foreclose on this property yet. Am I liable for prior unpaid taxes? Mortgage? Other liabilities?
Asked on April 3, 2011 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I strongly suggest that you go and seek help from an attorney in the area to do this the right way. The mortgage company has a security interest in the house and transferring it to you could be seen as perpetrating a fraud. The mortgage company will then seek to set aside the transfer based upon that alleged fraud and also possibly based upon a lack of consideration (i.e., payment). Generally speaking the owner is liable for taxes and utilities that run with the house. There could be a tax lien already. You need to really thin about this. You could try and purchase the house for the value of the mortgage. Seek help. Good luck.
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