Posted on: 02nd Feb, 2009 04:26 pm
I am currently on the title (not the mortgage) of my home. It is scheduled to go into foreclosure March 6th. Do I have time to quit claim on the property or is there a time limit prior to a foreclosure?
Thank you in advance!
Thank you in advance!
Hi !!
Welcome to the forum !!
Since your property is supposed to be foreclosed 6th of March, you cannot quitclaim the property now. Any such transaction will be considered as fraudulent and the lender will have the right to take legal action against you.
However, you can opt for a short sale which will lower your credit score by almost 75-100 points. But this is far less than the 250 FICO score points you lose in case of a foreclosure. Thus, it can have a less damaging effect on your credit report.
Take care & be happy.
God bless you.
Welcome to the forum !!
Since your property is supposed to be foreclosed 6th of March, you cannot quitclaim the property now. Any such transaction will be considered as fraudulent and the lender will have the right to take legal action against you.
However, you can opt for a short sale which will lower your credit score by almost 75-100 points. But this is far less than the 250 FICO score points you lose in case of a foreclosure. Thus, it can have a less damaging effect on your credit report.
Take care & be happy.
God bless you.