CAN I DEED MY PROPERTY TO ANOTHER PERSON TO SAVE IT?

You don’t want to deed your property to someone that you don’t know or that doesn’t have experience dealing with real estate matters. You have to remember, the bank still considers you as the primary person responsible for making payments on the loan. If you don’t make payments on the loan, or if the bank starts a foreclosure process, your credit if probably going to be negatively affected. It’s also important to understand that when you deed your property to someone else, you give up control of the property. You still owe the bank and responsible, yet the asset (your house) is not in control of another person. The person on the deed controls the property hence they maintain an equitable interest.

It is not recommended that you deed your property to someone without paying off the loan unless you have spent some time understanding the ramifications. It is always best to consult a real estate attorney on matters like these.