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  1. #1
    Join Date
    Apr 2012
    Location
    New York
    Posts
    1

    Unhappy Quitclaim Deed and Short Sale and Inherited Property

    My question involves real estate located in the State of: New York

    I have recently taken a new job in NC and in order to move and get out of my house I believe I will need to Short Sell my house. My father and I are jointly on a deed to a rental property which was left to him and I when my grandparents died almost 15yrs ago.There is no mortgage on the property that my father and I are jointly on the deed too. I was advised that if I short sell my house to have a quitclaim deed performed to remove my name from the deed so when I try to short sell my house this asset will not be used against me. Since my father claims the property on his taxes I receive no income of any type from this property and have really no attachment to it other then my name on the deed. My question is will a quitclaim deed protect me from the bank if I take my name off the deed now? And if not is there any other method to divorce my self from the property so I can proceed with a short sale and move on with my life? PLEASE HELP.......

  2. #2
    Join Date
    Sep 2010
    Posts
    8,651

    Default Re: Quitclaim Deed and Short Sale and Inherited Property

    Whether the bank will approve a short sale is entirely up to them. Yes, they are reticent to do so if they think you may have the means to make up the difference between the sales price and what they are owed. We can't predict whether your co-owned property or the imminent ditching of it would affect the matter one way or the other. This is not a legal issue but a negotiation tactic between you and your lender.

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