Quit Claim and Foreclosure - Posted by Phoo

import · September 22, 2003, 9:14pm

Posted by Jennifer Rogers on March 22, 2005 at 12:53:25:

Joan,
I work for HUD from home and I am looking for a Joan Baucom that lived on W Hawthorne St in Florence, AL. If this is you, please conctact me. You have a refund to collect pertaining to that address.
Thanks
Jennifer Rogers
256-683-9952

import · September 22, 2003, 9:14pm

Posted by Phoo on September 22, 2003 at 21:14:50:

Hello,

Today I just received a notice that a property I bought with my ex is about to be sold off by the bank. I had given said ex a Quit Claim about a year and a half ago. Ex was to make payments, which are about $175.00 a month. Now I see that ex has defaulted.

Unfortunately, my name is on the loan. I am guessing that the Quit Claim doesn’t afford me any protection from the foreclosure, since my name is legally still on the loan. Since I have no written agreement with the ex to document the agreement to pay, am further guessing I don’t have much legal recourse there.

I am laid off and struggling by on unemployment, so there is no way that I can carry this loan myself.

If anyone has some info that would be helpful, I would greatly appreciate it. I will be seeking legal advise this week to try to get a feel for what my options are.

Thanks,

Phoo, Feeling Screwed in Portland

import · September 23, 2003, 9:35am

Re: Quit Claim and Foreclosure - Posted by Bronchick

Posted by Bronchick on September 23, 2003 at 09:35:47:

I hate to be the bearer of bad news, but “Phoo is screwed.” Giving up ownership gives up control. You can make up the payments to the lender to save your credit, but this won’t solve the fact that you no longer own the home. If you can convince her to quitclaim it back, that might give you options.

import · September 23, 2003, 3:10pm

Re: Quit Claim and Foreclosure - Posted by Phoo

Posted by Phoo on September 23, 2003 at 15:10:22:

Hi Bronchick,

That is kinda what I suspected.

I talked to ex and she is trying to sell it. I agreed to help try to get it sold.

I had wondered about having her Quit Claim it back to me. I think I will look into that.

Thanks for the tip.

Phoo

import · September 24, 2003, 12:17pm

Re: Quit Claim and Foreclosure - Posted by Joan Baucom

Posted by Joan Baucom on September 24, 2003 at 12:17:04:

Phoo,

I may be able step in and save it from foreclosure. What state are you in?

Joan