Can I Quit Claim to Stop Foreclosure?

Next Video:
How to Stop Foreclosure on a Home With the USDA....5

In foreclosure law, unless a lender agrees to accept a quick claim deed, the borrower is essentially giving that lender all of their interest in the property. Learn about the possibility of deficiency judgments with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
Promoted By Zergnet


Video Transcript

You have fallen behind on your mortgage payments and you've recently received a letter or other communication from your lender that they intend to foreclose on the mortgage on your home and you've heard something about simply quit claiming to the lender to stop the foreclosure and get out of the whole mess. Hello I'm Robert Todd and I'm here to answer the question can I quit claim to stop a foreclosure. Well first of all the law in all fifty states is going to vary with respect to what the law is on mortgage foreclosure proceedings in your state. So you want to check the law in your particular state. But generally speaking unless the lender agrees to accept a quick claim deed from you by executing a quick claim deed to the lender you are basically giving that lender all of your interest in the property. And the lender then becomes the immediate owner of that property without anything else. You still have the issue of whether that property can be sold to satisfy the amount of the mortgage. If it can't and there's a deficiency then the lender can obtain a deficiency judgment against you. So you want to be very careful about doing this sort of thing without legal advice. I'm Robert Todd and thank you for watching.


Related Searches

Is DIY in your DNA? Become part of our maker community.
Submit Your Work!