Posted on: 13th Mar, 2007 01:03 pm
If I am facing a foreclosure on my house due to past due payments and have another piece of property can I quit claim that property to someone I owe money so they will not take any short sale out of the 2nd property
Foreclosure of this property will not affect the other property. This particular property was held as collateral for the mortgage.
In case of defaults the lender only has the right to foreclose this property for recovery of his debt.
In case of defaults the lender only has the right to foreclose this property for recovery of his debt.
Depending on which state you are in a deficiency judgment is also possible by which the lender would be able to recover any balance dues which are not recovered from foreclosure sale.
James P. Pinkerton
James P. Pinkerton
Welcome Trutrell,
The lender can go for a short sale on the property against which a foreclosure is declared. He does not have the right to carry out the process on a different property. So, you need not quit claim the second property to someone.
The lender can go for a short sale on the property against which a foreclosure is declared. He does not have the right to carry out the process on a different property. So, you need not quit claim the second property to someone.