Posted on: 08th Jun, 2009 06:38 pm
hi, the bank which i have the mortgage is giving me a quit claim deed for me to sign over to them in order for them to sell it to a buyer (without going through the sale/ short sale process). i have many reasons as to not to trust this bank and their management.
i no longer want or can afford to pay for the house and although this would seem as a good overall idea, i want to protect myself that they would not come back asking for me to pay the remaining balance of the mortgage (or any other kind of payment for that matter).
any suggestions? comments? thanks!!
fernando.
i no longer want or can afford to pay for the house and although this would seem as a good overall idea, i want to protect myself that they would not come back asking for me to pay the remaining balance of the mortgage (or any other kind of payment for that matter).
any suggestions? comments? thanks!!
fernando.
newheps
Welcoem to the forum.
You are correct. Quit claim deed willnot remove your name from the loan. You will still be responsible for the loan.
See if they agree for short sale or Deed in lieu.
Its really strange that th ebank is askign your to sign a quit claim deed with otu giving you much details.
Good luck and feel free to ask
Welcoem to the forum.
You are correct. Quit claim deed willnot remove your name from the loan. You will still be responsible for the loan.
See if they agree for short sale or Deed in lieu.
Its really strange that th ebank is askign your to sign a quit claim deed with otu giving you much details.
Good luck and feel free to ask
ask them for Deed-in-lieu of foreclosure. This won't save your house, but it will help your chances of getting another mortgage loan in the future. You can qualify if:
1) you are in default and don't qualify for any of the other options;
2) your attempts at selling the house before foreclosure were unsuccessful;
3) you don't have another FHA mortgage in default.
1) you are in default and don't qualify for any of the other options;
2) your attempts at selling the house before foreclosure were unsuccessful;
3) you don't have another FHA mortgage in default.
Thank you! yes I thought there was something wrong with the document, specially when they were trying to force it on a weekend...
looks like banks are over working to get people out ofthier home.
Watch out
Good luck and feel free to ask
Watch out
Good luck and feel free to ask