Quit Claim

[newbie2]

I understand what you are saying newbie, but whether or not I am on the Title doesn't make any difference to them. It's their asset now anyway.

It does make a difference to them. It is one more house that they have to take care of. So many cities and townships have enacted ordinances that force the banks to secure the properties and take care of them, that the banks are incurring more costs once they have the foreclosure finalized. That's why they are not in a hurry.

[debee]

I lost the window of opportunity to edit my last post, or I would have tacked this comment up there. When I looked into quit claim deeds in CA it was for a different purpose. I wasn't trying to get the clock to set to zero for a new mortgage countdown. I just didn't want to be the owner of record. So I didn't even think about the relationship between the foreclosure, my public record, or the new owner. I have no idea whether it alters the clock or whose right of redemption the lien-holder would foreclose on or where the foreclosure would even show up. If you find out, let us know.

[debee]

Hi jman, I've been reading since my last post and wanted to share what I came across.

I think quit claiming the property might do the exact opposite of what you want. Instead of getting you out now, it might just drag you deeper into the pit.

Complete guess, but if you would be a candidate for a non-judicial (faster) foreclosure, I wonder if the QC deed would muddle things enough to force the lender into a judicial foreclosure (slower) to sort it all out.

To get clear title, they would still name you (& the new person) in the foreclosure proceeding. The public record would end up being created later instead of sooner.

PS. I was reading cases in the interim between my last post and this one in which parties not on the loan docs were named in the foreclosure proceeding because they "might" have a claim to the property. The whole thing would be sorted out in court. This is why I think the quit claim to another person will not stop the public record/foreclosure from happening down the line. But I could be totally wrong. This is just a best guess.

[AngelinaCat]

I don't owe an I know there are plenty of people in this forum that know what I'm talking about. Hopefully one of them will respond. thx

From this post it appears that you actually are looking for posters to come on and tell you how to get around the law, no matter what state/district you are in. You appear not to be interested in what the members have posted so far to your thread, nor have you taken the time to read the thread, the link to which I posted, earlier.

The BKForum is here to assist you in your journey to financial freedom through the route of BK, not to break or circumvent the laws. Such activity can and will get you banned.

Please read the rules pertaining to posting on this site. It is obvious that you have not done so.

http://www.bkforum.com/announcement.php?f=3

[debee]

Hi jman, I read more on this subject today and here's what I learned:

Quit claim deed will get your name off title (no longer owner, not responsible for property), BUT your name is still on the Deed of Trust (CA version of mortgage) which is with the title company/third party where it has been since you signed your loan docs.

When the trustee/third party files the notice of "Trustee Sale" which they are legally req'd to do, it is a public record and your name will be the one going on record because it's the name on the Deed of Trust.

The trustee sale is the "foreclosure" that ends up in the public record section of your credit report.

If you had been on time with your payments all along and then recorded a QC deed, that would accelerate the foreclosure (through the 'due on sale' clause) because the lender would not have had to wait the 90days before setting the sale date.