Posted on: 05th Jun, 2008 05:28 am
i am currently in preforeclosure and the bank offered me different options and one of them is a deed in lieu of foreclosure. what if the bank did not approved the deed in lieu can i do the quit claim deed. what is the advantages and disadvantages of doing the quit claim deed?
Hi gracey.
Welcome to the forum.
I thin k if the bank accepts the deed in lieu of foreclosure then you can go for it. BTW how much do you owe to the lender and how much is the present appraised value of the property. If you owe more than the appraised value of the property then going for DIL is better option. Otherwise I think you sell the property to pay off the lender.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I thin k if the bank accepts the deed in lieu of foreclosure then you can go for it. BTW how much do you owe to the lender and how much is the present appraised value of the property. If you owe more than the appraised value of the property then going for DIL is better option. Otherwise I think you sell the property to pay off the lender.
Feel free to ask if you have any further questions.
Best of luck,
Larry
can a quit claim deed be worded so that all rights are not relinquished but only a percentage? e.g. property in 9 owners 1/4 (involving 2 people) 1/4 (involving 5 people) and 1/4 (involving 1 person) and 1/4 (involving 1person) Will stated 1 share each to 4 children, instead all nine names were placed on deed. The fourths involving 2 people and 5 people are heirs of 2 deceased children. the other 2 fourth shares are to 2 living children.
Hi hazel,
A quitclaim deed helps to relinquish rights, be it the entire ownership rights or a part of it. I guess the deed should override the Will as because once a property is quitclaimed, nothing remains to be passed on after death by means of a Will.
Take Care
A quitclaim deed helps to relinquish rights, be it the entire ownership rights or a part of it. I guess the deed should override the Will as because once a property is quitclaimed, nothing remains to be passed on after death by means of a Will.
Take Care