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rkudlo · Joined: 02 Mar 2009 Posts: 1 1.34 Dollars($)

I am looking, as grantee, into quit claim of a peice of property that is ready to go into foreclosure. They are giving the owner until may 1st. to come up with back payments of 5800.00 plus he owes property tax 1100.00 and there is a 200.00 mthly 2nd mortgage on land and 200.00 owed to water comp. What do I need to do to get this accomplished legally. The property is worth 169,000.00 and he owes 100,000.00 on it.

jerry · Posted: Tue Mar 03, 2009 4:46 am Post subject:

Hi rkudlo,

Since the property is ready to go into foreclosure, I don't think a quitclaim now can save it from the lenders. Any such transfer in this situation would be considered as 'fraudulent conveyance' and the lenders reserve the right to sue the grantor as well as reverse the deed to recover the outstanding amount.

Thanks,

Jerry

Guest

Thanks for the information. I have since talked with a real estate agent who basically gave me the same information. We are now discussing other alternatives.

adonis · Posted: Tue Mar 03, 2009 11:33 pm Post subject:

Hi Roxanne,

Do keep the community posted as to which alternative plan you went for.

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what steps do we take to make a legal quit claim fast in Washington state.