---

Will Quit-Claim to Living Trust Protect Our Credit in Foreclosure?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
kipa Joined: 12 Apr 2011 Posts: 1 1.37 Dollars($)	Posted: Tue Apr 12, 2011 1:12 pm    Post subject: Will Quit-Claim to Living Trust Protect Our Credit in Forecl Like 0 Dislike 0 We recently discharged our mortgage under Chapter 7 bankruptcy, and we are continuing to occupy our home on a pay-to-stay basis. We understand that the lien still exists on the title and would like to transfer, via quit claim deed, our personal interest into that of a living trust. So the questions are: 1.) Is the lienholder/bank likely and able to use such a transfer to foreclose? 2.) Regardless of question #1, still file for foreclosure under our names directly? Our primary interest here is in ultimately abandoning the property - but only after we have been able to secure financing on another one. We simply don't want to the insult of foreclosure to follow the injury of bankruptcy as an additional hit to our credit reports 2-3 years down the road.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Apr 12, 2011 10:07 pm    Post subject: Like 0 Dislike 0 Welcome kipa, In order to let the lender foreclose the property, you will have to surrender the property to him. While surrendering the property, you will have to remove the property from the trust, if you place it in the trust. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0