Is Quit Claim Sale Legal, if prior Lien Holder

[officialentAMP]

What is the name of your state? North Carolina I was offered a purchase from an investor, of cash up front for a quit claim and in 45 days they would close with their own loan to remove my outstanding loan. Since, the original agreement the investor has stalled on satifying my loan and transferring properly. They have the quit claim deed as collateral for the cash advance but is stalling on satisfying my loan, for it is non assumable. It has now been 5 months and the loan has not been satisfied. What can I do to cancel for breach of agreemnt.

[Ciarraine]

Originally Posted by officialentAMP

What is the name of your state? North Carolina I was offered a purchase from an investor, of cash up front for a quit claim and in 45 days they would close with their own loan to remove my outstanding loan. Since, the original agreement the investor has stalled on satifying my loan and transferring properly. They have the quit claim deed as collateral for the cash advance but is stalling on satisfying my loan, for it is non assumable. Can I cancel the quit claim in order to find a legitimate buyer; I feel I was tricked

No, you can't cancel the quit claim deed. You may have other legal avenues open to you depending on what contractual agreements you have with the buyer. Get your documentation to a lawyer as soon as possible.

[pojo2]

It actually never ceases to amaze what people will do without benefit of a GOOD Atty when this much money is involved.

Do what you should have done from the onset, RUN to a Real Estate Atty before you find out just how stupid what you did was.

[HomeGuru]

Can you say scam?

[Ciarraine]

Originally Posted by HomeGuru

Can you say scam?

Exactly why I said "other legal options." This one makes me shake my head.