Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 11 years ago on . Most recent reply

Account Closed
  • Real Estate Investor
  • Stockton, CA
0
Votes |
10
Posts

Quit claim deed after BK Discharge

Account Closed
  • Real Estate Investor
  • Stockton, CA
Posted
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

Account Closed
  • Investor
  • Central Valley, CA
3,729
Votes |
6,037
Posts
Account Closed
  • Investor
  • Central Valley, CA
Replied

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.

Loading replies...