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 10 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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