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Lv 7

Quit claim property back to bank?

I am quit claiming property back to the bank.

How long is the process?

How long will it take to get this property out of my name?

Thanks

3 Answers

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  • 9 years ago
    Favorite Answer

    Which bank? If it's BoA, then your in for the long hall. If it's a smaller bank, then probably faster. A Quit Claim is official once it's signed and notarized and recorded in your county. That doesn't take long at all. It all depends on how long the bank takes to get their side done and that depends on your bank and how backed up they are.

    Basically, if you were QCing with a private party. It would be signed and recorded the same day, Done.

    Stay on them. Squeeky wheels tend to get the oil with banks. I have seen people willing to QC and the bank taking so long it accidently went into foreclosure instead (oops). And with the bigger banks, the left hand doesn't know what the right hand is doing, and they won't stop a foreclosure once started (usually). Sorry about your situation. Good luck.

    Source(s): real estate agent of 9 years, specializing in foreclosures in KCMO
  • 9 years ago

    Usually a quit claim deed allows one person to take their name off (kind of) of the deed while the other person is still on the deed, but you can't do that, to my knowledge, if there is a loan on the property. The loanor is the third person and does the loaning and not the owning. Plus your name would not come off of the loan until you paid it in full. So I'd say either you need to talk with the bank about this or your own attorney. You don't get it out of your name until you've paid it off in full.

  • 9 years ago

    You can't just do this. The bank MUST accept it. It's not like you are just mailing back the keys and saying here it is, my hands are clean now.

    YOU NEED A LAWYER. You can't just walk away. The bank can (and should) sue you for there lose and the IRS may be able to tax you on the bank loss.

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