quitclaim info

[Jlanzana]

from florida--have a friend who is separated//not legally////and has purchased a new home without wife///can he quitclaim it to me a friend to avoid her possibly going for half? ...is this possible to do with a mortgage?--quitclaim it to me and he keeps paying mortgage?

[HomeGuru]

Originally Posted by Jlanzana

from florida--have a friend who is separated//not legally////and has purchased a new home without wife///can he quitclaim it to me a friend to avoid her possibly going for half? ...is this possible to do with a mortgage?--quitclaim it to me and he keeps paying mortgage?

**A: and what type of scam would he and you be playing?

[Some Random Guy]

Fraudulent Conveyance (from dictionary.law.com)
"n. the transfer (conveyance) of title to real property for the express purpose of putting it beyond the reach of a known creditor. In such a case the creditor may bring a lawsuit to void the transfer. However, if the transfer was made without knowledge of the claim (or before a debt has matured), for other legitimate reasons, and/or in the normal course of business, then the creditor's attempt to obtain a judgment setting aside the conveyance will probably fail."

Plus, as soon as the mortgagor finds out the house is not his anymore, the loan becomes immediately due and he gets in trouble for selling a property with a lien on it.

And, as a bonus, if the idiot quitclaims it to you, and is lucky enough not to get in trouble for it (with wife or lender), you own the house free and clear and can sell it and keep the money!

Lots of ways to get screwed in this situation!

[HomeGuru]

[quote=Jlanzana]from florida--have a friend --quitclaim it to me and he keeps paying mortgage?

**A: can we be his friend too?

[Jlanzana]

Originally Posted by HomeGuru

**A: and what type of scam would he and you be playing?

we're just tryin' to keep a bloodsucker from suckin' up anymore....

[HomeGuru]

Originally Posted by Jlanzana

we're just tryin' to keep a bloodsucker from suckin' up anymore....

**A: yeah, but engaging in fraud would donate more blood to the sucker in the end.