I AM RENTING A HOME THAT WILL BE FORECLOSED ON SOON MY QUESTION IS CAN A FAMILY MEMBER QUICK CLAIM THIS PROPERTY TO ME SO I CAN WORK WITH THE BANKS

Asked by Norman, Parrish, FL Sat Apr 21, 2012

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Don Tepper, Agent, Burke, VA
Sat Apr 21, 2012
BEST ANSWER
First, it's "quit claim," not "quick claim."

Second, that would be unwise for both the family member and you. Why not have the owner simply grant you permission to work with the banks? There's no need for you to be the owner; all you need is the permission of the owner. Contact the banks. Ask which form or form they'd prefer the authorization to be written on, any related procedures (such as having it notarized), get it, provide it to the banks, and you're good to go. That's how investors and short sale negotiators do it.

Hope that helps.
0 votes
Trish Chandl…, Agent, Lakewood Ranch, FL
Sat May 5, 2012
As REALTORS we are never allowed to give legal advice. My advice to you is to be EXTREMELY CAUTIOUS. I cannot stress to you enough that you need to be careful how you handle this situation and my advice is to consult an attorney before going forward. I have been in this business for over 20+ years and have seen renters hurt many times by Landlords and/or their families.
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Steve Quinta…, Agent, Albuquerque, NM
Sat Apr 21, 2012
Yes, your family member can transfer all rights to you. If the home is going to be lost otherwise, that might be a good way to go. Get a power of attorney from your family member covering the loan and all property related rights so you can really "talk turkey" with the lender and ever other concerned entity.
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Shanna Rogers, Agent, Murrieta, CA
Sat Apr 21, 2012
Hi Norman,

A Quit Claim Deed transfers Title, not the mortgage. The person who took out the mortgage still owes the money and if they can't/aren't paying it, the lender will foreclose because the property is the collateral for the loan. So, I believe even if the current owner on Title Quit Claims it to you, the lender can still foreclose - unless you bring the mortgage current and make the payments every month. However, I am NOT an attorney and suggest the current owner contact a Real Estate Attorney. Also, if you are not on the mortgage (even if you were on Title), the lender won't talk to you because you are not a party to the mortgage.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
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Jerri Philli…, Agent, Parrish, FL
Sat Apr 21, 2012
Hello, That is a great question. Each foreclosure circumstance is different, but the seller may consider attempting to short sell the property if the liens total more than the home is worth. This is done with the cooperation of the seller, their lender(s) and buyer before a transfer of title. It is best to consult with a licensed Realtor and a local real estate attorney who has a distressed property department.You can verify this with an attorney, but you should never transfer title to a property if liens could exist (known or unknown to you). Part of the transaction process should include a title search by the real estate attorney or title agent doing the closing. This reveals existing liens on the property. These should be addressed and satisfied before the transfer of title occurs. Buyers should obtain title insurance to prevent any of the previous owners' unknown debts from attaching to your property. You do not want to buy someone else's problem. If you feel that you are qualified and ready to make a purchase and need a home loan, you should get pre-qualified by a lender so that you are ready to prove it to a seller (or their bank) when you go to contract. If this particular seller that you mention is unwilling or unable to attempt preventing the foreclosure, then you may begin searching for a similar property within your pre-qualified price range.The seller may ask their bank what they would need for you to be able to purchase. Please contact me directly if you would like to see how I may help you and possibly the seller. Please let me know if you would like a complimentary Comparative Market Analysis for the home you are renting or others that you may interested in. I would be happy to discuss options and recommendations.Thank you!
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Gene Wasson, Agent, Bradenton, FL
Sat Apr 21, 2012
If no foreclosure action has been filed with the county yet; there may still be time to have the seller contact the lender and suggest you purchase as a short sale. Work with a realtor to determine a market value for the property...if that is in your budget, offer 10% to 15% less as your first "cast" and see if the lender "bites". Good luck and if you need help contact me…Gene Wasson
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John Bennett, Agent, Orlando, FL
Sat Apr 21, 2012
Please run your question by a Real Estate Attorney.
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