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Q: foreclosure ( No Answer,   3 Comments )
Question  
Subject: foreclosure
Category: Miscellaneous
Asked by: coca2-ga
List Price: $2.00
Posted: 28 Sep 2006 09:02 PDT
Expires: 28 Oct 2006 09:02 PDT
Question ID: 769221
My son have a property wich is goin to a foreclosure I want to stop it
by filing a quick claim deed, he will sing it to me until we can get
the money we need to solve the problem, will be this a good move, will
this stop the foreclosure to continue for a short periodo of time? at
least for a month until I put the money together?
Thanks
Answer  
There is no answer at this time.

Comments  
Subject: Re: foreclosure
From: markvmd-ga on 28 Sep 2006 10:43 PDT
 
Try talking to the lender. The property is being foreclosed because
payments are late. Being later doesn't usually solve the problem.
Lenders generally want to avoid foreclosure, though.

A Researcher would be greatly helped by knowing where you and the
property are located and possibly some general details on the
situation-- how long since the last payment was made, for instance.
Subject: Re: foreclosure
From: summer95-ga on 28 Sep 2006 16:07 PDT
 
Please note that I am not an attorney and that my comments should not
be substituted for good legal advise from an attorney who is qualified
to properly answer your question.

I agree with markvmd's comment; Talk to the lender. If the lender is a
bank, then they generally prefer to resolve the problem rather than to
go through the process of foreclosure. If you have a plan to at least
pay up part of the late payments and a plan to resolve the problem,
then they may be willing to work with you. Make sure that everyone
understands the terms of any agreement and that you make with the
lender, and follow through with those terms.

Depending on what state you're in, the laws governing foreclosure will
be different. It may also make a difference as to how far the
foreclosure process has gone. In some states, the lender may be
required to continue with the foreclosure process even if you are
willing to work out a deal.

My suggestion, talk to the lender first. If that doesn't seem to help,
you may wish to seek the advice of an attorney.

I doubt that your son can deed the property over to anyone since there
is a lien against it. Also, I think the legal form is called "quit
claim deed."

I hope everything works out well for you and your son.
Subject: Re: foreclosure
From: solutions_provider-ga on 28 Sep 2006 23:26 PDT
 
I am not a lawyer either. but have done real estate investing
including foreclosures.  One solution is to file bankruptcy, you don't
have to follow through to court case.  It will STOP ALL proceedings
against you. O was told this by the clerk of court, but please double
check with a lawyer. Usually you can get an initial consultation for
free.

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