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  1. #1
    Join Date
    Jan 2008
    Posts
    6

    Default California Quit Claims On Mortgages In Default

    Hi,

    I located a company that provides listings of homes in California whose mortgages are in default and are in the process of being foreclosed upon. The company claims that if I were to pay off the amount of the mortgage that is in default (typically $10 - $50K), the owner of the home would 'quitclaim' the deed to me, and I could simply take over the payments on the mortgage, move into the house and it is legally mine. The company claims that they will do a title search to ensure there are no liens or judgements against the homeowner losing their house; and I would own the home free and clear, simply by paying off whatever was left on the note. The company said that I would not need to refinance the original note if I did not desire to. Some of the homes this company is listing have significant equity.

    The company claims that no credit check would be done on me personally to participate in this process; and after restoring the amount of the note in default I would assume the payments and have full ownership of the home. I don't have very good credit, and am shocked that I could rightfully own a home for less than a traditional down payment, with no credit check. This sounds too good to be true. Is it legal, and is it possible?

    Thanks so much for any feedback you could provide.

  2. #2
    Join Date
    Jan 2008
    Posts
    6

    Default Re: Question About California Quitclaims On Mortgages In Default

    PS: My apologies if this thread belongs in the quitclaims forum; I was not sure where to post it, as it relates to mortgage foreclosure as well.

    Thanks again for any thoughts you might have on this subject.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,637

    Default Re: Question About California Quitclaims On Mortgages In Default

    Odds are, the second the title owner deeds the property over to you, the mortgage contract will have been violated and the property will be subject to immediate foreclosure.

  4. #4
    Join Date
    Jan 2008
    Posts
    6

    Default Re: California Quit Claims On Mortgages In Default

    Thank you for your response. The company told me that this was a great way for a homeowner facing foreclosure to avoid having their credit destroyed by that event, and for the lender to not have to take the property back and auction it for less than the remaining note & the amount in arrears. This company makes it appear that it is in the best interests of both the homeowner facing foreclosure and the lender stuck with another bad loan. This arrangement seemed too good to be true but I thought I would inquire with someone knowledgable. I would paste the company's website here, but I am not sure if that is allowed on your board.

    Thank you for your help.

  5. #5
    Join Date
    Jan 2008
    Posts
    6

    Exclamation Re: California Quit Claims On Mortgages In Default

    Ok, I just located yet another company that is claiming that they offer this service to homeowners in pre-foreclosure. They claim that the actual mortgage companies are coming to them directly with mortgages that they would like assumed by anyone who is willing to make the payments on the notes. These two services each charge $200 for a three month fee (or 12 months fee in the other case) to show you listings of homes that are pre-foreclosure, with fixed rate assumable loans. The company specifically told me that the original mortgage contracts would not be violated. Is this for real?

    Here are the two companies that are making these claims:

    www.firststepequity.com
    www.aldaniel.homeaccessusa.com

    I would really appreciate any feedback or response I could get on this.

    Thanks again.

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