Legal Question in Real Estate Law in California

Re: Quit Claim Form California

A quitclaim is a deed. If you "fill one out," you will be transferring ownership of your property to someone else. Unfortunately, getting rid of the collateral for a loan doesn't always translate into getting rid of the legal obligation to pay the loan. It also leaves you homeless, although basically the same thing would happen if you did nothing and got foreclosed upon.

What is really mose important here is to whom you would be giving the proposed quitclaim deed, and what you would be getting in exchange for it. Is this a "deed in lieu of foreclosure" which your lender has agreed to accept in exchange for fully letting you off the hook, or is this deal being offered you by some third party, who would get the house and leave you with the loan obligation?

Quitclaim deed forms are widely available at better stationery stores that stock legal forms, and you can also buy or download free various examples on line, but they vary in quality and suitability.

A quitclaim is no more a cure for mortgage problems than Kleenex is for a cold - a sometimes-useful piece of paper but by no means a cure. Who advised you to "fill out" a quitclaim, and what did they suggest you do with it AFTER filling it out - give it to them? Quitclaims, like other kinds of deeds, are an effective way to surrender ownership of real property, but they don't, by and of themselves, address your debt.