Quit Claim Deed on Florida

[mgnet2000]

Hi,

Can you do a Quit Claim Deed in a property that is owed? My brother purchase a house on the state of FL for my sister, she have really bad credit. Now affter two years my sister still have bad credit, but She pays the house the taxes and the insurenge on time for two years. I was told that my sister can do a Quit Claim Deed on the house, my brother have no problem doing that and he undersstant he will still hold the loan. Is this legal?

What is the name of your state? FL

mgnet2000

[lcannister]

Ask the lender if they are willing to give up the collateral for the loan?

You brother would do a quit claim to your sister.

Really dumb move given he gives up any claim to the property PERIOD yet he will still be stuck with the loan when and if sister, who is still not managing her finances at all, decides not to or can not make the payments.

If you had said sis had really tried to turn things around in TWO years my reply MIGHT be different.