| Homeowners are desperately trying to find | | | | Sometimes trying to do this will cause the lenders |
| creative ways to avoid a foreclosure. A common | | | | to speed the foreclosure process. There are |
| mistake that these homeowners believe is that, if | | | | sources like foreclosure scammers out there, |
| they sign over a quitclaim deed, the foreclosure | | | | claiming that they can save homeowners credit or |
| will not show up on the credit report. There is a | | | | homes by signing over a quitclaim. SIgning this will |
| misunderstanding of what a quitclaim deed is really | | | | not benefit the homeowner but actually put them |
| all about and how it affects the homeowner | | | | in a worst situation. This will reduce their options |
| transferring the ownership of the property. | | | | to preventing foreclosure if the scammers decide |
| What is a quitclaim? | | | | to walk away from the property. |
| A quitclaim is a transfer of ownership rights of a | | | | It is better to have control of their property |
| property without a warranty of title. Basically, a | | | | during a foreclosure and only sign over when the |
| homeowner transfers ownership or financial | | | | property is sold to a buyer. There are a lot of |
| interest of a property to friends, families, or a | | | | scammers preying on the foreclosure victims that |
| third party. Unfortunately, this does not mean that | | | | desperately need the help. Signing over a quitclaim |
| they are removed from the financial obligation | | | | can make them a potential victim. Generally, It is |
| with the lender. So, signing over the title to | | | | best to do the research, and educate yourself |
| someone else, their name is still in the original loan | | | | before you decide to make a move. Educating |
| amount and they are still responsible for paying | | | | yourself with the whole process will help eliminate |
| the mortgage. If the mortgage loan is delinquent it | | | | the scammers and save a lot of headache having |
| will be a foreclosure on a credit report. | | | | to clean up their mess and making the foreclosure |
| First of all, people in foreclosure can not do a | | | | process worst. |
| quitclaim to get it off their credit report. | | | | |