Can person takeover payments on a home via Quick Claim Deed?

girliepro · Joined: 29 Dec 2008 Posts: 1 1.30 Dollars($)

A company in California is offering homes that are about to go into foreclosure by Quick claim deed and the person would simply take over payments. Is this valid in Texas or illegal?

gmakerley · Posted: Mon Dec 29, 2008 12:02 pm Post subject:

i'm highly skeptical about these deals.
you need to know how "a company in california" has the right to sell homes that are about to go to foreclosure, if said homes are owned by the people who are being foreclosed.

"simply taking over payments" on a loan that is in foreclosure seems like an oxymoron to me...how about you? if the loan is so delinquent that the lender took legal action, can you imagine how much you'd have to come up with immediately to bring the loan back to a current status? my guess is that it'd be a pretty substantial amount of money.

valid in texas? i have no idea, but frankly i don't think it's valid anywhere at all.

jameshogg · Posted: Mon Dec 29, 2008 8:06 pm Post subject:

Hi girliepro,

I think George is correct. The new buyer will have to come up with a huge amount in order to bring the payments current. As far as "simply taking over payments" is concerned, I think they are speaking about loan assumption. What do you say George?

I don't think you should believe in such companies. It's better not to deal with them.

Thanks

gmakerley · Posted: Tue Dec 30, 2008 7:56 am Post subject:

assumption might be the correct phrase here, james, but it's so out of touch with reality (i think) to believe that any lender is going to allow an assumption of a delinquent loan.

your closing remarks are consistent with my thoughts.

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