Listen folks, there are sharks in the water. Investors are coming out of the woodwork looking for people who are facing foreclosure so they can take advantage of them. There are many, many reasons you should never quit claim your property to ANYONE else EVER. Here are just a few.
1. The reason you are facing foreclosure is probably because you haven't called your lender to ask for help. Not the servicer - that's a collection agency. Call the LENDER. Can't find the lender? Call a TITLE AGENT in your area and ask them to find the lender for you. Trust me, with all the negative press about how crappy lenders are the ones who are remaining are going to do anything reasonable to help.
2. Investors want EQUITY. Investors who aren't buying equity or futures are really bad investors. Chances are you have little or no equity in your property. The only way an investor can get your property with any equity in it is to purchase it on a SHORT SALE. You can initiate the short sale even though the investor will want to control the deal - DON'T LET THEM! It's YOUR house, YOUR credit and YOUR future. Get yourself a LISTING AGENT who has experience in short sales - do NOT get into further trouble.
3. Once you sign a quit claim deed it doesn't matter what the investor told you or promised you the house is now theirs. If they tell you to get the hell out you have no choice but to leave. They can throw you out and put a renter in there at any time. Just because they were nice doesn't mean anything now.
4. An investor NEVER has your best interests at heart - investors have one goal: profit. If you are not profitable you're just in the way. Investors who aren't profiting aren't investors - they are fools.
5. Read your mortgage agreement. There is a paragraph in there called the DUE ON TRANSFER, DUE ON SALE, or ACCELERATION CLAUSE. One of the many things it says is that if you transfer the property to another person or entity (including investment trusts, LLC's, LLP's, and anything other than YOUR NAME) you are violating the DOS clause and now the lender doesn't even have to wait for due process that accompanies a foreclosure.
It took less than five minutes to find those posts using Google. There are thousands more. So let me say it one more time NEVER SIGN A DEED, CONTRACT, PROMISSORY, or ANY DOCUMENT when the ownership of your home is in question.
There are some very kind looking, friendly acting, smiling investors out there who would LOVE to have you sign your home over to them. They will promise to bring your loan current and get the heat off your back (and they will) but you tell them this, "No, Ken Cook says that's the dumbest thing I can ever do. Here's what I will do: I will sell you the house and the closing attorney can get you to sign the QCD at the closing table. There is no other way you're getting this property." Now they will act like you're just over-reacting or assure you they aren't one of those kinds of investors. Pick up your phone, dial 678-946-0101 and get me on the phone. Then hand the phone to the investor.
DO NOT LET ANYONE PRESSURE YOU JUST BECAUSE YOU ARE IN A DIFFICULT SITUATION!!!
Okay, so you need help. I understand and hopefully you can find help from these HUD Tips For Avoiding Foreclosure.
You should also download my newest book "Can I Keep My Curtains? Facing Foreclosure in Uncertain Times".