Posted on: 22nd Feb, 2007 08:07 am
can a quit claim deed be transfered to my mother to avoid foreclosure proceedings
Quit claiming to anyone would not stop foreclosure process. The lender has the property as collateral for the loan and can foreclose even if the ownership changes.
Kimberly,
You should contact the lender and discuss the financial problems you are facing. Based on your financial capability the lender will try to make out a plan by which you can continue making the payments.
Lenders do not like foreclosing as long as there is a possibility that the borrower would be able to make payments. There are lot of cost and time constraints involved with a foreclosure proceeding. This is the main reason lenders also favor to continue the mortgage by helping out the borrower.
There are many options which can be used to avoid foreclosure. Go through the following page to know more about them - http://www.mortgagefit.com/loss-mitigation.html
Colin
You should contact the lender and discuss the financial problems you are facing. Based on your financial capability the lender will try to make out a plan by which you can continue making the payments.
Lenders do not like foreclosing as long as there is a possibility that the borrower would be able to make payments. There are lot of cost and time constraints involved with a foreclosure proceeding. This is the main reason lenders also favor to continue the mortgage by helping out the borrower.
There are many options which can be used to avoid foreclosure. Go through the following page to know more about them - http://www.mortgagefit.com/loss-mitigation.html
Colin
Hi Kimberly,
You can quitclaim your ownership in property to another individual but this will not stop the lender from asking for the payments. The loan will still be in your name. The quit claim will just transfer your rights on the property to someone else.
I shall suggest that you come up with your situation and problems, if any, in front of the lender and negotiate with him for an alternative payment plan.
Thanks.
You can quitclaim your ownership in property to another individual but this will not stop the lender from asking for the payments. The loan will still be in your name. The quit claim will just transfer your rights on the property to someone else.
I shall suggest that you come up with your situation and problems, if any, in front of the lender and negotiate with him for an alternative payment plan.
Thanks.