Legal Question in Banking Law in Georgia

Quick deeds

I was told at a �get rich quick� seminar to look in the newspaper, find a house that was being foreclosed on and offer the owner to quick deed the house to you. They said you would pay all back due payments, fix anything that needed to be fixed then place the house on the market to sell. The positive to the home owner was their credit would not be ruined due to being foreclosed on. The positive to you is you could make a quick profit by flipping the house. I would think the bank would have a serious problem with loaning someone money on a house only to find someone else was making the payments. But then the bank is out nothing, the owner�s credit is saved and you made money so it a win, win, win situation. Is this legal?


Asked on 4/04/07, 1:34 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Quick deeds

The term is "Quit Claim," which is one indication you may need to stay away from this plan. Another is the fact that you have described the set-up of one of the more common types of real estate fraud. If it was that easy and above-board, the "get rich quick" seminar people would be doing it, instead of seminars.

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Answered on 4/05/07, 8:34 pm


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