Legal Question in Real Estate Law in Georgia

Re: Quitclaim

The answer is found in the contracts you signed (and thus agreed to) when you made the purchase. We cannot guess what they say. Very, very few lenders would relieve you of the responsibility of the entire balance, including interest (likely at a high default rate), attorneys fees, and other fees, less what they can clear from selling the property (probably at a discount). Again, that would be found in the terms you agreed to when you signed your name.

Re: Quitclaim

An attorney will need to review all of the documents, including the proposed quitclaim, in order to answer your question. It would be worthwhile for you to spend funds on a consultation with an attorney to avoid entering an agreement that you may regret later on.

Re: Deed In Lieu & Release Instead

If you want to settle with your lender to get out of a loan, sometimes you can negotiate a deed in lieu of foreclosure in exchange for a release of all claims the lender may have against you. I have just completed negotiations on another case which is similar to the few facts you've given.