Short Sale Approval & Quick Claim Deed
To make a very long story extremely short: I assisted a friend with the purchase of her first home a few years ago and of course now, am being burned, after circumstances led her / her family to multiple late payments and eventually missed payments, which ultimately turned into foreclosure.
We have been in process of trying to execute a short sale on the home for about two years now with no luck.. The bank has proven to be extremely difficult to work with and recently rejected our short sale (took two years to even get to that point) with consideration of my assets, included with my friends (there's no way I'm paying someone else's mortgage now that Isn't family..).
A realtor has recently approached us with a solution to remove me from the deed (via quick claim deed process), at which point he suggests that the bank would then not consider my assets in determining eligibility for the short sale (we have an FHA loan*) and thus we'd have a better chance of executing one, since there's no way they'd deem her financial status alone, qualified to handle everything..
Can anyone familiar with the short sale process, comment as to the accuracy of this? The only reason I've had a "say" in all matters thus far concerning the entire ordeal, is because I'm on the deed.. but at this point, we've basically explored every option and this may be our only alternative prior to the bank just eventually foreclosing on the house, so if there's a chance it works out as he suggests, I'd definitely be open to it.
Any input would be greatly appreciated..
Thanks in advance,