Been successful in getting a quit claim deed from a bank to avoid foreclosure?

Question:

My friend's husband left her and they are about to foreclose on their condo unless they can get the bank to take the loan back. what are the odds? Good? Any tips to get the bank to cooperate? Or any unrelated creative ideas about the situation? one-bedroom condo, 2K/month, $280K, great location in san diego CA

Answer:
I believe you are talking about a deed in lieu of foreclosure. I have seen this done on occasion. I guess the real question is how far along in default is your friend? Generally your after you have been in default for 3 months the bank will record a notice of default 3 months after the notice of default records is usually when the bank will foreclose so depending on the states local foreclosure laws your friend could have up to 6 months to stay in the property. A deed in lieu of foreclosure would be your friend and her x husband deeding the property back to the bank to avoid foreclosure the property in turn reverts back to the bank and your friend leaves. However the bank has to agree to this situation. Also you might consider a short sale. This is where the bank is willing to negotiate a loss of the true note value of the loan to get a quick buck. If you can negotiate with the bank and get a buyer the bank might be willing to take a loss on the property. Lastly, I'm no lawyer but to my knowledge if your friend declares I think either a chapter 7 or chapter 13 bankruptcy the property will be frozen and the bank cannot foreclose until it gets a letter releasing the automatic stay from the trustee of the bankruptcy court. Your first options might be calling the bank and discussing a deed in lieu of foreclosure or a short sale.

good luck!

If your friend wants to own a home in the future, she should not deed the condo back to the bank. Banks and loan companies are sorta like a family. They might hate each other but if they think you have stiffed any one of them, they hang together. When the foreclosure shows up on her credit report some day when she wants to buy again, they will make it very expensive.

Even though I am a longtime realtor, it is very hard to stop a foreclosure unless you have cash. But I do know someone who can help stop the foreclosure, probably get your friend some money, and most importantly, save her credit.

John and Kim have stopped foreclosures in Calif, Oregon, Washington, and Illinois.

Please have her (or you) contact me.

Leigh M
Portland
http://www.LeighMaynard.com

Been successful in getting a quit claim deed from a bank to avoid foreclosure?

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