Quick Claim Help!
Hi all
No 1., can someone explain to me how and what is a Quick Claim?
No 2, If one is in foreclouser and the sell of the property is say less than 7 days away, would a bankruptcy work for the seller, and would I still have a deal in the works.
Thanks Jim 
Jim,
It is a QUIT claim deed. A lot of people use the term "quick" claim, which is incorrect.
A quit claim deed simply means that the person is giving up any interest in the property. Very commonly used in a divorce situation, where one party just "quits" their interest in it. Basically saying, "I'm not part of this anymore". This does NOT convey good title. What you want is a warranty deed if possible.
while a QCD may enable a Borrower to transfer an ownership interest in the real estate, it doesn't relieve the Borrower from financial responsibility to pay the mortgage.
There are other options instead of bankruptcy for the seller. You say the sale is 7 days away. How long til the foreclosure sale occurs. If more than 7 days then you are covered. Other options include hiring an attorney to get a judge to stall the sale. You can bring the loan current and then close the sale. Seller can work with the mortgage company and do a forbearance agreement and stall the sale. Last resort to file BK and only to protect equity they may have in the property. Seller will need to get court approval to sell the property if BK is filed. This will take 30 days or longer if objections are filed.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
7 days seems like a lot of time. The only restriction on time is your ability to raise funds. Simply have them sign over the deed, go to the courthouse and check out title. Further, ask your lender to do a quick title search, if you need. If time does not permit, file BK, and then cancel it when when the above is done. bk stops forclosure in its tracks even if it is cancelled/brought current.
hope dat helps.
[addsig]