Quit claim deed after BK Discharge

7 Replies

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?

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.

Adolfo - this is an unsolicited endorsement of how Ms Poe works. If you have any doubt in how to monetize this, refer the opportunity to her because she knows how to turn leads into deals.

K. Marie - have you obtained short sales after acquiring and deeding into a corporate entity?

@K.

@Account Closed undefined I am curious as to why you do not want a Quitclaim deed? While warranty deeds are better, a quitclaim would work if they were truly the owner, at least in my state.

My title companies all want and require a grand deed.

Originally posted by @Rick H. :
Adolfo - this is an unsolicited endorsement of how Ms Poe works. If you have any doubt in how to monetize this, refer the opportunity to her because she knows how to turn leads into deals.
K. Marie - have you obtained short sales after acquiring and deeding into a corporate entity?

Haven't yet used a corp entity on one of these.

BTW: I don't call these short sales, rather short pays or a discounted payoff. There's no borrower participation. No hardship docs, no listing, etc.

Thank you guys for the tips. I was able to successfully obtain the grant deed and borrower authorization for the mortgage. What would a lead like this go for? Marie you could message privately to go over the property if you'd like.

Once again thank you guys.

Originally posted by Account Closed:
Thank you guys for the tips. I was able to successfully obtain the grant deed and borrower authorization for the mortgage. What would a lead like this go for? Marie you could message privately to go over the property if you'd like.
Once again thank you guys.

Adolfo: In general I don't pay for leads. I do pay finders fees for properties I can buy or control, and I may be interested in purchasing your interest in the property. Feel free to contact me at my email. It's in my signature.