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12-11-2004, 10:13 PM
| | Junior Member | | Join Date: Dec 2004
Posts: 1
| |  Saved Sister's Foreclosure
What is the name of your state?What is the name of your state? Minnesota
My husband and I took out a 2nd mortgage to pay-off my sister's home because it was into foreclosure and up for sheriff's sale within days. She owns the home on her own. We are very concerned about having our investment protected in the event anything would happen to her among other things.
We had thought about having her do a quit claim deed transferring ownership to us, but found out that taxes are about $5000 in arrears and that would require payment upfront prior to change of ownership. We currently don't have that $$ free to do so. What other options could there be? Please HELP! |
12-12-2004, 10:35 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,213
| | Quote: |
Originally Posted by Money Matters What is the name of your state?What is the name of your state? Minnesota
My husband and I took out a 2nd mortgage to pay-off my sister's home because it was into foreclosure and up for sheriff's sale within days. She owns the home on her own. We are very concerned about having our investment protected in the event anything would happen to her among other things.
We had thought about having her do a quit claim deed transferring ownership to us, but found out that taxes are about $5000 in arrears and that would require payment upfront prior to change of ownership. We currently don't have that $$ free to do so. What other options could there be? Please HELP! | **A: record a first mortgage on her property for the amount of the loan with interest. | |
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