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.

Regards,
Matthew H.

deacont1959@verizon.net

I don't about that, myself I would make sure it's a warrenty deed just in case there are leans on the property.

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Bellingham Real Estate
Bellingham Condos
Bellingham MLS

Sounds like he is talking about a Quit Claim Deed. I would not recommend taking ownership to a foreclosure property in this manner. The bank should at least have a limited warranty deed.

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Mack Perry - Atlanta Georgia Real Estate, Atlanta Homes for Sale and the Atlanta Real Estate Blog

If you buy a home that is going into foreclosure with a quit claim deed you will probably be violating the terms of the mortgage that the seller had which 99% of the time has a "due on sale" clause. This does not allow the loan to be assumed. If you get permission from the lender to assume the loan you might be okay, but any other liens (property taxes, second mortgages, IRS liens, mechanics liens etc) will stay with the property. If you try to purchase that way make sure to get a real estate attorney to represent you!

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Dan Connolly
Atlanta Georgia
Atlanta Georgia Real Estate
Atlanta Foreclosures
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