When someone quit claims a deed to someone else, basically what they are doing is giving away their rights but retaining their responsibility if there is a loan on the property. One can't quit claim a mortgage without the lender's agreement. From what I know lenders want you to apply for a mortgage all over again. According to what you state, the mortgage is in your parents name, not yours. That means that a possible foreclosure is reflected on your parents credit report, not yours. Yes, Chase can foreclose if the mortgage is in default and all the regulatory notices have gone out. Now, I am not an attorney, so please consult one and have your question supported with documents so you can answer in a speedy fashion. It may save you money.