Thanks... without approval??! So I can buy a property under someone's name, and they get financing. Then we do a quick claim deed and I am on the note?
Ok, you own a house, and your losing it to foreclosure, I'd pay the reinstatement fee, and then have you sign a quit claim deed, to have me the owner of the house. Now for the time being, the mortgage is in YOUR name still. After two months or so, regardless if the mortgage is still being paid or not, the lender will call the note, meaning they want the loan paid in full. So you would have to get refianced, pay off the house with cash, or have it sold by then.
[addsig]
All real estate transactions must be in writing. A quit claim deed is one way to transfer real property such as a house, land, or certain mobile homes. The person who transfers the property by selling it or making a gift of it is called the 'Grantor'. The person the property is transferred to is called the 'Grantee'. One of the most important differences between a quit claim deed and other types of deeds is that the Grantor makes no guarantee or promises that the property is free of debt. Another difference is that the Grantor makes no promises that no one else claims to own the property. The quit claim deed says, in effect, that the Grantor is signing over whatever ownership interest he or she may have in the property. It does not even guarantee that the Grantor has any ownership interest at all.
You summed that up nicely, John. Lots of people seem to forget that there are people out in the jungle quitclaiming property the do not own. Happens a lot in Detroit. Z
[quote]
On 2004-03-11 21:30, JohnNH wrote:
Quit claim deed
"The quit claim deed says, in effect, that the Grantor is signing over whatever ownership interest he or she may have in the property. It does not even guarantee that the Grantor has any ownership interest at all."
JohnNH,
That is so important for people to keep in mind. One of my stus gave me a great example that he'd been given. His instructor had said "I can give you a quit claim deed for the Brooklyn Bridge."
thanks 
To make it simple, its basicaly signing the title of a home to another party.
[addsig]
Thanks... without approval??! So I can buy a property under someone's name, and they get financing. Then we do a quick claim deed and I am on the note?
Ok, you own a house, and your losing it to foreclosure, I'd pay the reinstatement fee, and then have you sign a quit claim deed, to have me the owner of the house. Now for the time being, the mortgage is in YOUR name still. After two months or so, regardless if the mortgage is still being paid or not, the lender will call the note, meaning they want the loan paid in full. So you would have to get refianced, pay off the house with cash, or have it sold by then.
[addsig]
Quit claim deed
All real estate transactions must be in writing. A quit claim deed is one way to transfer real property such as a house, land, or certain mobile homes. The person who transfers the property by selling it or making a gift of it is called the 'Grantor'. The person the property is transferred to is called the 'Grantee'. One of the most important differences between a quit claim deed and other types of deeds is that the Grantor makes no guarantee or promises that the property is free of debt. Another difference is that the Grantor makes no promises that no one else claims to own the property. The quit claim deed says, in effect, that the Grantor is signing over whatever ownership interest he or she may have in the property. It does not even guarantee that the Grantor has any ownership interest at all.
JohnNH
You summed that up nicely, John. Lots of people seem to forget that there are people out in the jungle quitclaiming property the do not own. Happens a lot in Detroit. Z
[quote]
On 2004-03-11 21:30, JohnNH wrote:
Quit claim deed
"The quit claim deed says, in effect, that the Grantor is signing over whatever ownership interest he or she may have in the property. It does not even guarantee that the Grantor has any ownership interest at all."
JohnNH,
That is so important for people to keep in mind. One of my stus gave me a great example that he'd been given. His instructor had said "I can give you a quit claim deed for the Brooklyn Bridge."
Quit claim deed is usually utilize when a devorce spouse or family member sign or their intetest of ownership.