Posted on: 07th Jan, 2011 05:33 pm
I am in negotiations w/ my primary and secondary lenders to sell short my home that is already in foreclousre status.
we have a buyer. the problem is the bank lien holders are taking too long in their settlement offers between the primary and secondary lenders.
i have a pending creditor that has gained a judement against me and that will most likely execute on the judment via a lien on the property .
i cant risk the creditor putting this added lien on my house before the banks agree on the short sale terms , as adding in another lien to negotiate with will kill the deal.
as is it looks like i will be about 2-3 weeks short on time from when the creditor is allowed to execute on the judgment and when the banks are anticipating a close.
question: can i quick claim the deed to the potential buyer to remove my interest in the property so that it wont be attached by my creditors judegment lien, (which ultimately will kill the whole short deal? )
then, as soon as banks finalize the terms of sale,2-3 weeks from now, do a reverse of the quick claim deed so the house sale can close w/ the proper warranty deed?
we have a buyer. the problem is the bank lien holders are taking too long in their settlement offers between the primary and secondary lenders.
i have a pending creditor that has gained a judement against me and that will most likely execute on the judment via a lien on the property .
i cant risk the creditor putting this added lien on my house before the banks agree on the short sale terms , as adding in another lien to negotiate with will kill the deal.
as is it looks like i will be about 2-3 weeks short on time from when the creditor is allowed to execute on the judgment and when the banks are anticipating a close.
question: can i quick claim the deed to the potential buyer to remove my interest in the property so that it wont be attached by my creditors judegment lien, (which ultimately will kill the whole short deal? )
then, as soon as banks finalize the terms of sale,2-3 weeks from now, do a reverse of the quick claim deed so the house sale can close w/ the proper warranty deed?
Hi Guest,
If you quitclaim the property now, it can be considered as fraudulent as the creditor has already received a judgment against you from the court. Thus, before taking any such steps, you should contact an attorney and take his opinion in this matter.
Thanks
If you quitclaim the property now, it can be considered as fraudulent as the creditor has already received a judgment against you from the court. Thus, before taking any such steps, you should contact an attorney and take his opinion in this matter.
Thanks