Legal Question in Real Estate Law in California

Re: Home sale to avoid foreclosure.

I do not know what you mean by a "quick sale", unless you mean a fast one--"quick sale" is not a legal term. No, if you sell to anyone, they will either have to pay off, or assume any existing loans, as the lender's security for their loan is your house--if you or someone else do not pay,the lender will foreclose. It does not matter whether you transfer title, the loan documents you signed mean you have to pay unless the loan is paid off or assumed, so do not transfer title to anyone unless they pay off your loans. No intelligent buyer will buy if the existing loans in your name are not paid off at time of sale, or else they do not get clear title and no title company will issue a title policy. It sounds as though you should not have purchased, as houses going down in value is nothing new and if you relied upon the ability to keep refinancing in order to make house payments, you were not in a postion to buy in the first place.