Asked by Jean, Hawaii Kai, Honolulu, HI • Tue Feb 16, 2010
Two friends own condo. One friend (friend A) put up all cash for the down payment. The other friend (friend B) qualified for the loan. Title is "JOINT TENANCY".
Friend B wants to Quit Claim to the friend A and friend A will continue to make the mortgage payments. (But friend "A" can't qualify for the loan!) but friend A doesn't want to lose the investment so will continue to pay!
Is the mortgage company automatically notified? What if the Quit Claim isn't recorded?? Friend A will remodel the condo and live in it and make all payments. PLEASE HELP??? Thanks, Jean
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