[yodakoi]

I understand signing a quit claim deed is relinquishing my rights to the property, however the house is being foreclosed on and I have an investor who is willing to "catch up" with the backpayments, this will leave the note in my name,but is it better to risk that he pays the bank rather than me just taking the foreclosure, there is no longer any equity in the property in this economy,this neighborhood dropped 40% in 2 years, the house is vacant and been for sale for 2 years.If all that can happen is the bank ends up with the house in the end, am I at any further risks?Joe

[CJKatl]

Get on your Adidas, cause you need to run as fast as you can away from this person...The scam works like this: The "investor" will refinance the property in your name at a ridiculous interest rate. What does he care, he's never going to make the payment. The house will fall into foreclosure, but now the crook has run off with money that was borrowed in your name. You are in worse shape than when you started.Tell the "investor" that you have set up a meeting for you, him, and someone from your bank. Tell him that your bank is very anxious to talk to him about this, and want you to be at the bank office at 10:00 am next Tuesday, and they were very specific about the time. Watch the crook squirm. He won't show up, so don't even worry about actually making the appointment. It's called "Equity Skimming" or "Foreclosure Rescue" and it's the hottest fraud scheme around. Don't become its next victim! These crooks prey on people who are either on the way to foreclosure or have had a property on the market for more than six months. Looks like you fall into the latter catagory.