Did I screw up my 1st quit claim? - Posted by RG Atlanta
Posted by RG Atlanta on June 16, 2001 at 19:15:50:
I just got control of a nice house by giving the owner 1K to walk since he was 4 days from foreclosure. House needs about 5-6K in cleanup but I have some questions.
I filed my quit claim at the courthouse and had the mortgage statement sent to my address after making up about $1700 in back payments. House is only $352/mo! so it will make a great rental.
But I think I forgot some things like…
What about insurance on the property? I plan on renting it out but what if it burns to the ground? How can I get insurance in my name and not pay his insurance and mine?
Do I get to take the interest deduction on the mortgage?
Is filing the quit claim all I need to do to protect my interest? (I should have been paying attention during those REI classes)
what else have I forgotten or need to make sure I set up in order to keep from getting burned?
Any help is gratefully appreciated.