I was told by someone that I could find a foreclosure and do something called a "Quick Deed" Which was explained to me, as assuming the loan payments on a foreclosed home. If this is true how do I go about doing so. Below is my e-mail in which you can e-mail me at. I appreciate any help I can get. I have been trying to buy a home for 6 years now.
super realtor
Major Contributor
Registered: 05/01/05
Posts: 8473
Loc: georgia
You have no idea what you are talking about.You are probably referring to a "quit claim" deed whereby one persons grants any interest they have to you where you now own the title.This does not in any way get rid of the mortgage,nor does a mortgage company who own the loan going out of business relenquish the loan.Most mortgages have an acceleration clause in there where they can accelerate the loan and make the full balance due.
Find a qualified broker in your area who can guide you so you don't get into a big mess.
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