Updated over 11 years ago on . Most recent reply
Quit claim deed after BK Discharge
I found someone that had a BK discharge 2 years ago and abandoned the property. The banks have not initiated foreclosure probably due to being so underwater.
Would it be a good idea to have the homeowner quit claim the deed to my LLC and then negotiate with the banks for a discounted payoff?
Has anyone tried this?
Most Popular Reply
I've done it. Get a grant deed. Quit claims are worthless. Get an authorization to release info from the borrowers that includes the account number(s) and their social security numbers. You will not be able to speak to lender without this important document.
If you end up deciding it's not worth it, please keep me in mind. I'm happy to pay for the lead if I'm able to get the deed. Thanks.