Foreclosure in Orlando>Question Details

Shib Bari, Other/Just Looking in Orlando, FL

I have a property that is in foreclosure, can I do a quitclaim deed to someone and then a bankruptcy ? What?

Asked by Shib Bari, Orlando, FL Mon Nov 10, 2008

happens to the mtg ? Does the person on the quitclaim receiving the property get it unemcumbered ?

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Brady Pevehouse’s answer
Shib Bari,
A quit claim should only change title but will have nothing to do with the lien against the home for the mortgage.

Unless your friend is willing to make an offer to the bank and is capable of financing it in his name then I do not believe this option exist. Scott was correct in suggesting the deed in lieu of. Other options include Short sale, attempting a loan modification or finding out if the Help 4 Homeowners will work for you.

If you are in Orlando, I will be happy to discuss more private particulars to allow you a true look into your options. I am also a licensed mortgage broker with short sale negotiation experience. But all I can promise is an honest assessment and an honest opinion.
I hope we have answered your question.
0 votes Thank Flag Link Fri Nov 14, 2008
They will not allow that, in bankruptcy they can go back up to 2 years and any property you sold they can attach. it would be fraud as they will still have a lien on the property. you can avoid forclosure by calling the home retention department at your bank and discuss your options. you can also to a deed in lieu of foreclosure with the bank to try and avid teh bankruptcy p[art. you really should check with a bankruptcy attorney for the new bankruptcy laws, it is completely different than what it used to be and not as easy to wipe out debt. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Nov 10, 2008
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