How late in the foreclosure process can a quitclaim deed be submitted?
A friend mine made an investment with her mother on a piece of real estate a year ago, hoping to turn the property into a child care facility. Zoning issues came up, short story is that it couldn’t happen and now (yesterday) the bank has issued a subpoena and begun the foreclosure process.
My friend does not have her name on the mortgage, she simply shares the deed with her mother. I have been told that having done this, her credit will be be affected. To be safe though, she would like to submit a quitclaim deed and remove herself from the situation to safeguard her credit and hopefully be able to buy a place of her own. Is it too late to do this?
Thanks in advance.
All I know is that she didn’t get on the mortgage (not sure of the timing). She didn’t submit her social security number to any bank and no one ran her credit for anything in the process.
It is not going to work, they go back 5 years looking for just this sort of fraud. She is years too late.
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