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Can you really "take over" pyts and quit claim a home in pre-foreclosure?

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cmesaextras Joined: 10 Nov 2009 Posts: 1 1.25 Dollars($)	Posted: Tue Nov 10, 2009 4:27 pm    Post subject: Can you really "take over" pyts and quit claim a h Like 0 Dislike 0 service offers distressed home owners a way to save their credit by quit claiming there home over to someone whom can continue making payments. Is this possible?
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Tue Nov 10, 2009 8:31 pm    Post subject: Like 0 Dislike 0 Hi cmesaextras! Welcome to forums! A person cannot simply takeover other person's mortgage payments. He will have to refinance the mortgage in his name in order to takeover the payments. I don't think the service about which you're speaking here is a legitimate one. If you transfer the property to someone through a quitclaim deed, he/she would become the owner of the property. If that person does not refinance the loan, then you would be responsible for it though you do not own the property. If the property is foreclosed upon or goes for a deed in lieu of foreclosure, it your credit that would be affected. The lender would sue you for the dues. Feel free to ask if you've further queries. Sussane

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