Quit Claim Deed

[jwalters]

What is the name of your state? Ohio

I tried to help a friend who was having financial difficulties and going to file bankruptcy by allowing her to Quit Claim a rental house she owned to me. I just recieved papers that I have been named as one of the defendants in what looks to be pre-foreclosure proceedings. Can I avoid being involved in this matter and having a judgement and/or foreclosure on my credit by Quit Claiming the property back to its original owner?

[vahomebuyer]

First find out how much is owed and then find out if you can refi and/or find other way to catch up the payments. The reason she quitclaimed the deed to you was to get rid of her liability on the property. I really doubt she will accept it back. If you cant resolve the issue by talking to the people that are filing the claim you may need to consult/hire a lawyer to assist you in avoding foreclosure being on you file. If nothing else try selling the house and paying off the morg and/or other liens on the property. If you the amt owed is more than what property if worth you might be interested in working with the lender to try and do a short-sale. You would be surprised how helpful loss mitigation can be. If any questions feel free to contact me I can send you more details that might be able to help you.

Best of luck

V

[JETX]

Originally Posted by jwalters

I tried to help a friend who was having financial difficulties and going to file bankruptcy by allowing her to Quit Claim a rental house she owned to me.

Oh, oh!! Can you say 'bankruptcy fraud'???

I just recieved papers that I have been named as one of the defendants in what looks to be pre-foreclosure proceedings. Can I avoid being involved in this matter and having a judgement and/or foreclosure on my credit by Quit Claiming the property back to its original owner?

Probably not. And how did you get involved in the financing on the property?? A 'quit claim' has nothing to do with the mortgage obligation.