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Is "Quit Claim" a viable legal alternative to a "formal" for

Is "Quit Claim" a viable legal alternative to a "formal" for

This is a discussion on Is "Quit Claim" a viable legal alternative to a "formal" for within the Mortgage Problems and Solutions forums, part of the Mortgage and Loans Forum category; My wife and I sold property to another couple who have decided they can no longer make payments (has nothing ...

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10-24-2008, 09:42 AM

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Is "Quit Claim" a viable legal alternative to a "formal" for

My wife and I sold property to another couple who have decided they can no longer make payments (has nothing to do with mortgage terms, etc). They are three months behind and owe over $3000 in taxes. If they are willing, could we use a quit claim to revert the property back to me and my wife? I understand that we would be responsible for the taxes (if we can't convince the other couple to take care of them immediately) and that we should not expect the back three payments. We live in Wyoming...

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(Source: mortgagefit.com)

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