No, it won't stop the foreclosure or prevent it from being on your credit because the loan is still in your name. The best thing to do is to contact the bank and ask if they will do a "deed in lieu of foreclosure".

Answer Applies to: Colorado
Replied: 10/13/2011

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If you quitclaim your home to a family memberprior to filing bankruptcy, this will be recovered by the trustee. You would certainly lose the home if you choose to do this.

Answer Applies to: California
Replied: 10/13/2011

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After your bankruptcy case is closed you may give your property to whomever you wish.

Answer Applies to: Michigan
Replied: 10/13/2011

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Quit Claim alone will not get you where you want to go. Someone has to make the mortgage current to avoid foreclosure. If a relative will give you the money to do that in return for a quit claim deed, that will work.

Answer Applies to: California
Replied: 10/13/2011

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No you cannot do that. It is called a preferential transfer and the trustee has the power to undo it. Bottom line-the mortgage payments must be made in order to keep the house.

Answer Applies to: Colorado
Replied: 10/13/2011

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Your question suggests that you are very unclear on the interaction of your bankrutpcy and foreclosure of you home. A quitclaim deed is not going to solve your problem. You really need to get in to see a bankruptcy/foreclosure defense attorney.

Answer Applies to: Florida
Replied: 10/13/2011

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No, deeding the property to a third party (whether by quit claim deed or otherwise) will not prevent foreclosure.

Answer Applies to: North Dakota
Replied: 10/13/2011

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Quitclaiming a deed does not stop a foreclosure. The mortgage and note were still signed by you and the debt is still owed to the bank. The foreclosing bank will just add the person you quitclaim the deed to, into the summons for foreclosure. The only way to stop the foreclosure is to pay up the arrears and the only way to get your name off the property is to sell the property. Once you sell the property and the current bank gets paid, they will file a satisfaction of mortgage which will be filed with the county clerk and will cancel out the current mortgage filed with the county.

Answer Applies to: New York
Replied: 10/13/2011

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If your relative does not pay the mortgage, you will still face foreclosure. Transferring your ownership does not make the property free. As long as your relative pays the mortgage, you should be able to stay in the house.

Answer Applies to: Colorado
Replied: 10/13/2011

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That is an awful idea that will likely lose you the home, probably get your bankruptcy dismissed, will get your relative sued, and shows that you are trying to do things without counsel.

Answer Applies to: Georgia
Replied: 10/12/2011

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The problem is not with the title but with the finance documents. The issue is whether you can catch up with the payments. The problem is that the bank can request to be removed from the automatic stay because you haven't made the payments.

Answer Applies to: California
Replied: 10/12/2011

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No, you cannot terminate the lenders rights under a deed of trust by transferring the property to someone else.

Answer Applies to: California
Replied: 10/12/2011

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A quitclaim deed does not remove your name from the loan. Therefore, it will still go into foreclosure. The only way to save your home is to pay the creditor.

Answer Applies to: Nevada
Replied: 10/12/2011

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You are going to lose your home no matter what if you do not pay. Transferring the property does not cancel the right of the bank to foreclose. The house still subject to the deed of trust and your name is on the promissory note and that cannot be transferred. Anyone to whom you transfer the property takes the house subject to the right of the bank to foreclose if the payments are not made on the note. In fact, technically, transferring the property without permission of the bank is another reason the bank would have to foreclose. There is a clause in the note and deed of trust that gives the right to the bank to foreclose if you transfer the property without permission from the bank. It is called the due on transfer or sale clause. Therefore, transferring the property will do you no good.

Answer Applies to: California
Replied: 10/12/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.