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quit claim

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nga Guest 0.10 Dollars($)	Posted: Thu Aug 07, 2008 2:44 am    Post subject: quit claim I originally signed for our church to purchase a building because they didn't have any credit. I own my home and used it as collateral for the church but Quit Claim of the property was done that year. Now they might be dealing with foreclosure. Will I loose my home? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 1283 Location: New Jersey 192.32 Dollars($)	Posted: Thu Aug 07, 2008 2:56 am    Post subject: Welcome nga. You will not loose your home but the mortgage company may come after you for the deficiency judgment if there is any and even they can put lien on your house. By the way if the church authority pays off the deficiency amount then you should not have problems. _________________ Good is the Enemy of Great.
jheard Moderator Joined: 12 Dec 2007 Posts: 468 Location: Houston, TX 79.88 Dollars($)	Posted: Thu Aug 07, 2008 8:00 am    Post subject: Yes. Since your house is the collateral for the loan, the lender can foreclose on your house. _________________ This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.

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