Legal Question in Real Estate Law in Illinois

Quitclaim deed to transfer property so mortgage co doesn't get a profit

a judgement was entered on my home, and i have until october 1st, 2002 to pay the 73K, which is the full amount of the note plus court costs & legal fees. i do not want the mortgage co to make a profit on this. my neighbor's

brother is interested in purchasing the property. is it

possible to quitclaim the entire property over to him for the amount due.


Asked on 8/30/02, 6:36 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Quitclaim deed to transfer property so mortgage co doesn't get a profit

Depending on your circumstance, you probably have the right to redeem. If so, get a payoff statement from the lender or the foreclosure attorney. You'll sell the property to your neighbor's brother, payoff the loan, and put the difference in your pocket. Get a real estate attorney in your area to help with this.

Read more
Answered on 8/31/02, 7:45 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois