Debbs asked:

quitdeed

Monday, February 19, 2007

yes i have a trailer on 5 acres that the loan place took as colateral and now they want to pay me to sign a quitclaim deed over to them ? should i sign it ?ty...Debby

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Responses

bsharp said:

Don't understand question. Are you saying you have defaulted on the loan? If so, they own the land and will foreclose on the property with or without your signing a quick deed. I have never heard of a loan company asking for a quick deed. See an attorneys advise on a no-fee consultation visit.

gavin said:

It depends on how much you owe them in back payments (I'm assuming you're overdue on the payments) If you're wanting to get out of the deal and possibly make a few dollars, and don't care much about your credit rating. I guess what I'm saying is to carefully compare the numbers of what you owe, what they're offering, and how much equity you have in the property.

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