Consumer Alert -- PLEASE READ!!!

By
Real Estate Agent

It has come to my attention that homeowners in default on their mortgage(s) are being solicited by individuals/investors to sign their property over to them via a Warranty Deed, Quit Claim Deed or All Inclusive Trust Deed.  Please be aware BEFORE you sign anything that:

  1. Signing a Deed (Warrany, Quit Claim, All-Inclusive...any deed for that matter) does NOT relieve you of your mortgage debt or stop the foreclosure.
  2. It DOES release your ownership...Since you no longer own the property you will not have the right to sell your property.
  3. If you sign a Deed, your Lender(s) will no longer work with you to alleviate this debt via a "Short Sale" or make any payment arrangements with you.  You will not be entitled to any equity you might have in the property.
  4. Don't go unrepresented.  I am not saying that all investors or people approaching you regarding your home or bad or dishonest.  I am saying that there are several legal and tax consequences when transferring real property (real estate).  You need to have a Team of Real Estate Professionals working for YOUR best interests!

**If you are declaring bankruptcy, there is a big difference between bankruptcy and foreclosure -- PLEASE call me to find out ALL of your options!!!

Tracy Nicole - 916.730.8671

Comments (2)

Anonymous
Robin Wilson
I have been reading on pre-foreclosure and foreclosure investments. I have not invested in any properties just doing a lot investaging. I am a building inspector and to inforce the code properly you need to know the intent of the code when it was written. My question to you is what was the intent of the "quit claim deed." Thank you for your wisdom and help.  
Dec 11, 2007 02:10 AM
#1
Tracy Nicole Hamilton
Elk Grove, CA
Realtor - Elk Grove CA, Sacramento, CA
A quitclaim deed is a term used to describe a document by which a person (the "grantor") disclaims any interest that he/she may have in a piece of real property and passes that claim to another person (the grantee). A quitclaim deed neither warrants nor professes that the grantor's claim is actually valid. By comparison, a grant deed (or in some U.S. states, a warranty deed), which is normally used for real estate sales, contains certain warranties that vary from state to state. Quitclaim deeds are sometimes used for transfers between family members, gifts, or to eliminate clouds on title, or in other special or unusual circumstances.
Dec 12, 2007 05:42 PM