A foreclosure on a home not only takes the house away from the borrower, but it also has a severe and long-lasting effect on credit. In avoiding foreclosure, borrowers can try many different strategies to satisfy lender requirements and make it difficult to foreclose. While a quitclaim deed has limited usefulness in these processes because of its effect on the title alone, paying off past-due amounts is one way to stop a foreclosure in its tracks, as long as you do it in time.
Quitclaim Deeds
A quitclaim deed is a document that is used to take names off of contracts and other legal documents. You could use a quitclaim deed to take your name off the title for the house that is being foreclosed on. However, this will not take your name off the mortgage contract and will not affect the foreclosure process at all. The lender ensures that the mortgage contract is secure and unaffected by processes like a quitclaim, so its usefulness in these situation is limited.
Paying Off Debt
Paying off past-due monthly payments is an excellent way to stop a foreclosure. If the loan is brought back up to date and out of default and if the borrower can clearly show the ability to continue making future monthly payments, the lender loses the need to foreclose and will usually resume the original mortgage process. After all, the lender can make much more money following the mortgage to the end rather than foreclosing.
Exceptions
There are some exceptions that may get in the way of preventing foreclosure even if the borrower pays off the related debt. For example, if the borrower pays the debt but not the late penalties, the lender may still be able to foreclose. Also, at a certain point in the foreclosure process the lender may accelerate the mortgage, demanding the full principal payment upfront in exchange for halting the process, thus making it very difficult for the borrower to keep the house.
Alternate Solutions
A common alternate solution for a foreclosure is a deed in lieu of foreclosure, which some borrowers may confuse with a quitclaim deed. However, a deed in lieu is actually an agreement whereby the owner signs the home over directly to the lender in exchange for skipping the entire foreclosure process. The borrower still loses the home, but the credit effects may not be as bad and time is saved.
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