Legal Question in Real Estate Law in Oregon

quit claim deed vs. deed in lieu of forclosure

I lent approximately $200,000 on a home in oregon. The borrower was not able to make the payments and is willing to give up the property. I have the 1st and there is no 2nd. Is there a difference between a quit claim deed and a deed in lieu of forclosure? Which one is best or do I need both? Should one or both be recorded? Thank You


Asked on 1/04/08, 3:18 pm

1 Answer from Attorneys
Andrew Svitek Svitek Law Group, LLC

Re: quit claim deed vs. deed in lieu of forclosure

I would need to understand more about your original transaction to know the proper course of action. Did you obtain a deed of trust in return for your $200k loan? What is the value of the home? I'd also be concerned with what happens if the borrower has further financial troubles, declares bankruptcy, then this may be set aside. Proceed very carefully after talking with an attorney who will draft the right agreements and will spot any lurking issues.

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Answered on 1/07/08, 7:51 am


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