Many foreclosed homes get sold with "quit-claim" deeds. This type of deed does not guarantee a seller has any right to sell anything.
I can legally sell the state of Alaska to you, with my "quit-claim" deed. All it is - is a sale of whatever rights I might have to the buyer. It does NOT claim I actually have any ownership (note this might vary by state laws). It is my "quitting" any "claim" I might have to the subject property.
I've bought two foreclosed homes from the much-heard-about evil Countrywide Bank. Both came with quit-claim deeds. But before buying, I did abstracts and title searches on my own - and then paid extra bucks for title insurance - and got warranty deeds. If the title company had refused to insure my title, I would not have bought.
Regardless of what happens with some of these foreclosed homes, it still boils down to people who promised to pay, and then . . . did not. That is NOT the banks faults.
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Today's Featured Article - A Question for Dads This recent topic from the Tractor Talk discussion board is being highlighted because it is an awesome display of the caliber of individuals that have made this site their own. The young person asking questions received positive feedback and advice from total strangers who "told it like it is" with the care many reserve for their own kids. The advice is timeless... so although it isn't necessarily antique tractor related, it will be prominently displayed in our archives to honor those who have the courage to ask and those who have the courage to respond in an honest, positive manner.
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