Posted on: 15th Aug, 2010 11:03 am
our mortgage company is getting ready to file for foreclosure and we wonder if we can do a quit claim deed and give it back to them before that happens.
Welcome Darla,
Though you sign a quit claim deed and transfer the property to the lender, the property will still be foreclosed by him. Once the lender sells off the property through an auction, he would be able to recover his dues. You'll have to pay back the balance dues which results from the property sale.
Though you sign a quit claim deed and transfer the property to the lender, the property will still be foreclosed by him. Once the lender sells off the property through an auction, he would be able to recover his dues. You'll have to pay back the balance dues which results from the property sale.