Posted on: 02nd Dec, 2009 07:13 pm
i had several investment properties in georgia which went into foreclosure recently. i have my primary property which is current in mortgage. will i be able to protect my primary house by doing a quit claim deed ?
Hi Guest!
Welcome to forums!
If you've paid off the deficient amount resulting from the foreclosure sale, then you don't have to worry about your primary property. The lender will not come after your primary property. However, if you haven't paid off the deficient amount, then I don't think it would a good option to quitclaim the property rights now. This can be considered as a fraudulent transfer and you can be penalized for it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you've paid off the deficient amount resulting from the foreclosure sale, then you don't have to worry about your primary property. The lender will not come after your primary property. However, if you haven't paid off the deficient amount, then I don't think it would a good option to quitclaim the property rights now. This can be considered as a fraudulent transfer and you can be penalized for it.
Feel free to ask if you've further queries.
Sussane