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My Uncle Just Did A Quick Claim Deed To Avoid Foreclosure, And I Am The Grantee. What Are My Risk In This.?

December 12th, 2009 - By
Posted in Avoid Foreclosure

Please list the problems that i could face by agreeing to this.

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4 Responses to “My Uncle Just Did A Quick Claim Deed To Avoid Foreclosure, And I Am The Grantee. What Are My Risk In This.?”

  1. Landlord Says:
    December 12th, 2009 at 5:11 pm

    Pretty funny. The foreclosure marches on.

  2. D Says:
    December 12th, 2009 at 8:25 pm

    It is a QUIT CLAIM and yes it might go on your credit. It is hard to say though. The only way this really works is if you file bankruptcy but basically all I would do is add your name as a defendant or a new vestee (depending on the state you are in) and then continue with the foreclosure as it was. It depends on the timing of the foreclosure and also when the deed was done. Sometimes they may have to go back a step to provide you with notice of the foreclosure but that does not change much it may only delay it a bit. I don’t think this will effect you too much but you should talk to a real estate attorney to be on the safe side. If you were concerned you should not have consented. If he really wants to save his house he needs to call his mortgage company and see if something can be worked out. Sometimes they will foreclose just for an unconsented transfer of title even if you are not behind so that was not the best idea.

  3. acermill Says:
    December 13th, 2009 at 3:04 am

    Your uncle must have gotten ‘free advice’ on the internet, if he naively thinks that a quit claim deed will avoid foreclosure. It won’t. Your uncle is the person who signed the mortgage documents, with the property listed as the collateral. The lender will simply foreclose the house from YOU instead of from your uncle. I do not think you face any risks, since you would only be the owner of the property, with your uncle remaining as the person obligated to the mortgage.
    Nonetheless, if this action has not yet occurred, you may as well inform your uncle that it will be a fruitless attempt, and he may as well keep the property in his own name. It will save him the filing fees for the quit claim deed at the county.

  4. MadMan Says:
    December 13th, 2009 at 5:19 am

    LOL! This does not avoid foreclosure. He still owes under the mortgage and they will still take the house. The lender might even come after you now as you are the “owner”.

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