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Old 12-04-2008, 10:07 PM
 
1 posts, read 2,973 times
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I may have to foreclose on a piece of property. The property is worth more now than when I purchased it, due to many improvements. The loan on the proerty is owner carried. If we quick claim the property back to the owner, can he still sue for the loan balance?
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Old 12-05-2008, 05:11 AM
 
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When you are a borrow it is not YOU that forecloses, you default, the lender forecloses.

The seller, in your case, as the lender, would foreclose after appropriate notification.

If you were disavow any intrest in the property through Quit Claim Deed Quitclaim deed - Wikipedia, the free encyclopedia the lender would not in theory need to pursue the same sort of actions against in foreclosure, though they MIGHT want to enforce the terms of the mortgage depending upon what sorts of default/damages clause is in the actual mortgage documents...

If what you are saying is true, that the property is NOW worth more than what you bought it for you may want to try to sell it. If it sells for more than you owe you could avoid having this ugliness on your credit history, the original seller/lender would be out of your life, you could move on to buy something that you can afford...

Good Luck!
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Old 04-15-2009, 08:59 PM
 
Location: Not where you ever lived
11,535 posts, read 30,262,628 times
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Have the property appraised. If the property is worth more than the balance, there should be no problem - especially if you are on good terms with the lender. If there is a difference betwee the two - if the property appraises lower, for instance - you will be liable for the difference unless the owners *forgive* the balance.

Appraise it, talk to the owners. They may be willing if you made all your payments on time, and if you have good reason to quit the loan. Depending upon the circumstances and the people involved, sometimes owner-lenders will work with buyers to keep them in their homes during tough times.
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Old 04-12-2010, 08:37 PM
 
1 posts, read 1,929 times
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Hey guys, Found a site that can give tips and Ideas on how to stop foreclosure. Find out about it here: Not enough posts to recommend a site.

Last edited by linicx; 04-16-2010 at 01:28 AM..
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