foreclosure

Guest 0.10 Dollars($)

If my home is going into foreclosure and I own a seperate piece of property, will a quitclaim protect my other property from being taken from me?

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi Jen,

Welcome to the forum.

If you quitclaim any property just before the foreclosure it may be considered as a fraudulent conveyance. So I think you should not quitclaim the property now and you should also try and avoid the foreclosure. I think foreclosure is the worst possible thing that can happen to you. If the mortgage is foreclosed then you are loosing your house and at the same time taking a huge negative effect on your credit.

There are so many ways by which you can avoid foreclosure like forbearance, mortgage modification or reinstatement etc. To know more about the ways to avoid foreclosure at just take a look http://www.mortgagefit.com/foreclosure/17ways-avoid.html

Hope this helps.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Jessica

Hi Jen,

If you quitclaim the home on which the lender has declared foreclosure, it will be a fraudulent conveyance and the lender will file a lawsuit against you. But if you quitclaim any other property, I don't think it is a fraud. And, why do you need to quitclaim the other property? Are there chances of your paying any deficiency? I mean how's the housing market going on in your area?

Regards,

Jessica

jbarto65 · Joined: 04 Nov 2007 Posts: 592 5.03 Dollars($)

You really should look at the other options available to you rather than leave the foreclosure happen, are there other things going on in your life that is affecting your ability to pay? How late are you, is there a chance to save your home? Do you want to save your home? Have you tried to work something out with your lender? If you can get out of the foreclosure would be better for you. As stated above, doing a quit claim will be probably considered fraudulant activity.

0.10 Dollars($)

I thought I had heard on the news they were suppose to provide help to people who were facing foreclosure. You may want to look under your state website and see if there is any info that may be of help to you. There also may be some agencies willing to help out in your area. I know here in this area there are community action programs that help get you through a rough period. I hope everything works out for you. Good luck

Guest 0.10 Dollars($)

Do you mean the Project Lifeline?

fireyone_02 · Joined: 20 Mar 2008 Posts: 267 -0.19 Dollars($)

Yes that is one fo them but I am sure there are others out there especially with the mortgage crisis. I think if anyone would call a local agency in their area they would find out where there is help for them.

jbarto65 · Joined: 04 Nov 2007 Posts: 592 5.03 Dollars($)

You can, there is lots of help out there for people who are in foreclosre or at risk of it right now.

fireyone_02 · Joined: 20 Mar 2008 Posts: 267 -0.19 Dollars($)

i LIKE HOW ALL THESE PRESIDENT RUNNERS ARE JUST NOW BRINGING UP THAT FACT. Why does it take so many people to lose homes before they do anything. Lets just hope it isn't alot of empty promises.

jbarto65 · Joined: 04 Nov 2007 Posts: 592 5.03 Dollars($)

They will say anything to get your vote, I hate that when they just start trash talking, I wish they would once be honest about things and say, they are gonna try to do something about the crisis.

fireyone_02 · Joined: 20 Mar 2008 Posts: 267 -0.19 Dollars($)

I like when they run smear campaigns and you hear the things they did before. I don't trust any of them...empty promises. I really think Bush screwed us royally. I love how he is a big oil tycoon and when he gets office boom prices go thru the roof.

jbarto65 · Joined: 04 Nov 2007 Posts: 592 5.03 Dollars($)

They are all full of false promises, they will say whatever you want to hear to get your vote and then once they are in office, the party is over. I really get tired of hearing all the crap, hate election time. Especially when they start ringing my phone off the hook and their computers come on telling me what they want to do for you. I am really irritated that my union is backing someone that I would not vote for. We can not put anything in our yard or campaign for anyone, but they can take our money and support a candidate. Just don't get it, I think as union members we should have a vote or a say in who our union backs. Probably will never happen though.

fireyone_02 · Joined: 20 Mar 2008 Posts: 267 -0.19 Dollars($)

I agree there jbarto. Why can't you put anything in your yard? Does the union not allow you or who. I can not believe that they do not take a vote at the union to see who people want to vote for. That is stupid.

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