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Quick Claim Deed


Watsonsbag
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An investor has offered to do a transaction involving a "quick claim deed". He would bring the two mortgages current, and refi them--perhaps paying the second off completely and getting a low rate on the first. He would give us $1000 (the house is way upside down; and a real fixer upper. Definite negative equity).

There is also a realtor who says he can do a "short sale" for us.

We don't expect anything, just want to get rid of the house and avoid having a foreclosure on our reports. Anyone have any suggestions or experience with this?

Thanks in advance.

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Be careful in both cases.

2) A short sale will haunt you for a long time, it shows up the same as a repossession, and indicates that you still owe the bank the amount that is "short"

1) If he will pay off the mortgage/s, and you can make sure that he does, then you are in great shape. The only "minor" problem that I see is that once you give the deed to your home away, using the "Quit Claim or Warrenty Deed", then you have no more interest in the home, but you do have the note you signed to still worry about.

Good luck.

Charles

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I did mean "Quit Claim"--even have trouble saying the phrase :oops: .

As I read it, then the Quit Claim seems better. Doing a web search, there was nothing that the seller had to really worry about; one post said basically the buyer was the one taking the risk.

My question: you mention "still have the note you signed to worry about". Can you please explain the ramifications you are referring to?

We are trying to find a lawyer who will give us more info, since our BK lawyer basically does nothing once the discharge is finished. Also help us with pursuing violations the 1st mortgage holder is doing, although it might not be the proper time to do this if someone is trying to negotiate with them. (in essence, they keep adding a new delinquency amount every month since the BK discharge, making it looked like we were late paying them, which we never were until we stopped when the BK 7 was filed in order to give up the property).

Thank you. As I said before, this board is a lifesaver.

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You have to go to a lawyer to make sure that the "buyer" pays off the note. I really don't know how this is done, but am sure that an attorney would know.

Here is my fear:

Let's say that you give your property away via a "Quit Claim Deed". At that point it no longer belongs to you.

Let's say that the person you gave the property to, decides that he is not going to pay off the note. I understand that in your case, maybe due to the BK, you are no longer obligated, but not certain about that either.

So, bottom line, go to a lawyer to have this all done so you are protected.

Charles

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Actually, the more I think about the guy offering the quit claim deal, the more hesitant I become.

First, he didn't want to get lawyers involved because they would "scare us and only want to collect money". He wanted to deal directly with the lenders and not the lawyers they are using for the foreclosure. I don't think he would be able to do that. Wouldn't he have to go through their lawyers anyway?

The realtor who was suggesting a short sale asked for our lawyer's name and phone number. That, at least, was reassuring.

When someone says "rather not get lawyers involved" maybe we should run the other way. We never used lawyers for any of the predatory loans we got and look how we ended up!

We don't need any more problems, we're broke, our health is shot and we are in desperate need of a vacation we can't afford!

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