Questions about foreclosure...

[debee]

The quit claim deed, when accepted by the grantee and recorded, changes ownership. It just doesn't remove any liens.

[CCsAreEvil]

Ahhhhh! The great benefits of ownership!

[Pandora]

*shakes head and sighs*

You obviously do not understand what a quit claim is, does and doesnt do - though its been gone over time and time again on here ad nauseaium.

[tobee43]

*shakes head and sighs*

You obviously do not understand what a quit claim is, does and doesnt do - though its been gone over time and time again on here ad nauseaium.

ahhhhhhh...i was JUST going to put the definition up, but once AGAIN....but thankfully SAVED BY THE BOX! !!!!!! YES!

[free2breathe]

Interesting FAQ's about quitclaims:

http://www.mortgagefit.com/search/quitclaim-deed.html#statewiseform

All this banter back and forth got my google fingers moving. ;)

[debee]

This is from Nolo's book on deeds:

Quitclaim deed. A deed that is used to give up one’s claims to land. Unlike a grant deed, the quitclaim deed makes no promises about the title being transferred. If you sign a quitclaim deed, you simply transfer whatever interest in the land you have at the time. Quitclaims are often used when someone has a theoretical claim to real property; the potential claimant gives up the claim, and the property’s owner doesn’t have to worry about the claim being made later. They can also be used instead of a grant deed; they are just as effective in transferring ownership of property.

[tobee43]

Interesting FAQ's about quitclaims:

http://www.mortgagefit.com/search/quitclaim-deed.html#statewiseform

All this banter back and forth got my google fingers moving. ;)

that's kinder that i'll be... LOL!!

but let's just add one thing with a quit claim...TAX ramifications..................! YES!!!

it's one of the reasons that "smart" estate planning includes the rolling over per child (i.e.) 10k yearly...can be in the form of a quit claim year after year until the actual property is totally released with no tax ramifications...otherwise the person it's quit claimed not only gets taxed but the person issuing the deed gets a NICE BIG CAPITAL GAINS tax!

[debee]

tobee: i can't include the boy scout's injury in my bk filing. i can't say: also included in this filing will be any lawsuits brought against me for negligence in terms of the properties i own in Fresno; also included will be any fees the city of fresno charges me for my failures to keep those same properties secure, free from trash, vermin, and so on. i wish i could. but we can't.

[Pandora]

How does a Quitclaim prior to bankruptcy affect my bankruptcy?

Transferring property in an attempt to protect it from being liquidated during a Chapter 7 bankruptcy case is not a good idea. The court may invalidate the transfer or dismiss your bankruptcy case before your debts are discharged.

What if I quitclaim after filing bankruptcy?

Transferring property which is included in the assets listed under bankruptcy will be considered as fraudulent. For more information and advice you should consult a bankruptcy attorney.

With that being repeated yet again...

You have been foreclosed upon - there is nothing to quit claim. A quit claim deed states you are transferring any interest you have in any assets. You have no interest in the property since a foreclosure has taken place. You are merely legally on the deed but you hold no interest in the property due to the foreclosure already being done.

Its a matter of title - sort of like being married, but in name only. Yes you are still the legal owner ON PAPER but you have no further interest in the property.

File BK, do the quit claim to Hobo the crack dealer and see where it gets you.

[bulletproof77]

I went through this exact same scenario here in Southern California. My city (Hesperia) has the whole "foreclosed homes ordinance" thing too. As explained to me by the head of Code Enforcement, the listed owner can be cited, BUT to secure any fines the property is liened. Those liens stay on the house until purchased by a new owner at which time the lender that is re-selling the property must clear them in order to get clear title. Although I left my house in great condition, it was odd that 3 months after Bend Over America sold it at auction, I get a Code Violation at my new address, for my OLD house. Seems the new owners ("Straight out of Compton") decided to place a DOUBLE WIDE mobile home in front of the house and move some "relatives" in..This in a residential golf course neighborhood. I just went to the County website, printed out new owner history, dropped it off at Code Enforcement and voila ! Citation dismissed. I drove by my old house, just to see what it looked like and OMG ! The Beverly Hillbillies at full speed !! They tore down a 50K block wall with nice wrought iron gates to get this monstrosity in the driveway..I'm still laughing as I drive to my nicer house in a better neighborhood for half the cost !!

[debee]

I don't know anything about the state tax aspect, but in terms of federal gift tax the gift givers—not gift recipients—have to pay it. But nobody will owe the tax until you’ve given away more than $1 million in cash or other assets during your lifetime.

[tobee43]

tobee: i can't include the boy scout's injury in my bk filing. i can't say: also included in this filing will be any lawsuits brought against me for negligence in terms of the properties i own in Fresno; also included will be any fees the city of fresno charges me for my failures to keep those same properties secure, free from trash, vermin, and so on. i wish i could. but we can't.

once again you fail to show any type of statue in the law which turns such a debt into a secured debt. fresno, san fran, san mateo, burlingame, san jose...i'm not caring...just put your money where your fingers are... show the statue that changes the status of a debt from unsecured to secured..and if you can't then stop. we have had two excellent atty's explain it to you, however, you know best, so, just cease asking the same questions over and over again.

is the debt...ahhhhhhhhh a student loan...nope

is the debt nondischargeable taxes........ahhhhhhhhhhh..nope

is the debt for domestic support obligations.........that's ANOTHER nope

is the debt for person injuiries or death caused by the debtor's operation of a motor vechicle, vessel or aircraft while intoxicated.........

OK...you got me...your fresno house attacked a boy scout while intoxicated...

personally, i'm beginning to question your motions on this forum...why would someone repeatedly ask the same question over and over and over...if you don't like the answers do not ask the questions.

do your quit claim.....see what happens to your tax status...and the poor person you assigned the deed to...good luck...because the IRS is a REAL secured debt.

ignore button is now turned on!...mentally anyway.

[tobee43]

I don't know anything about the state tax aspect, but in terms of federal gift tax the gift givers—not gift recipients—have to pay it. But nobody will owe the tax until you’ve given away more than $1 million in cash or other assets during your lifetime.

wrong again....it's a certain amount annually without being subject to gift tax for the receiver and possible capital gains for the giver, depending on the distribution....so your correct you don't know


i need to add this tax misinformation is dangerous and should come with a warning....

[debee]

Fresno has a graffiti problem and they have it written in the ordinance that it has to be removed within 48 hours, and if owners reside out of state, they have to hire a property management company to check the property every week! It stinks!

[tobee43]

I went through this exact same scenario here in Southern California. My city (Hesperia) has the whole "foreclosed homes ordinance" thing too. As explained to me by the head of Code Enforcement, the listed owner can be cited, BUT to secure any fines the property is liened. Those liens stay on the house until purchased by a new owner at which time the lender that is re-selling the property must clear them in order to get clear title. Although I left my house in great condition, it was odd that 3 months after Bend Over America sold it at auction, I get a Code Violation at my new address, for my OLD house. Seems the new owners ("Straight out of Compton") decided to place a DOUBLE WIDE mobile home in front of the house and move some "relatives" in..This in a residential golf course neighborhood. I just went to the County website, printed out new owner history, dropped it off at Code Enforcement and voila ! Citation dismissed. I drove by my old house, just to see what it looked like and OMG ! The Beverly Hillbillies at full speed !! They tore down a 50K block wall with nice wrought iron gates to get this monstrosity in the driveway..I'm still laughing as I drive to my nicer house in a better neighborhood for half the cost !!

BINGO!!! perfect illustration of how it really works...

wow...sounds like a real messy situation.