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Can I quit claim property back to lender who refuses to finish the foreclosure procedure?

without going into the sordid details how i acquired a over priced slum house, I want to know if there is any problems quit claming the property back to the lender. The lender started foreclosure procedure and promptly stopped. Actually they got the judge to rescind the decree. I called the attorneys representing the lender why and they couldnt answer. I told them I would be happy to deed the property back to the lender but they told me they talked to the lender and they do not want to go forward and finish the foreclosure. It's been almost 2 years since i paid any mortgage payments! The attorney believes the lender doesnt want this crap property on their hands with the maintenance and the headaches that comes with it. I dont want it. the city keeps sending me hate mail to mow the lawn and clean it up from the crackheads. I have done this already and don't want to do this forever. No one wants the property I can even give it away. So can I quit claim it back to the lender.

Public Comments

1. donate it to the city and take a tax deduction.
2. You can quit claim it to anyone you want. They just do not have to take it.
3. You could, but the problem is you would still be on the hook for the mortgage, so a Quit Claim will do you no good.
4. No. A deed must be accepted by the recipient. The lender doesn't want it, so it will not accept the deed. Are you paying the property taxes? Stopping that is usually a sure-fire way to eventually lose land. Also, the land is worth something. If the city condemns the property and seizes it for failure to keep out the crackheads or mow the lawn, will any fines issued be used to foreclose on the land? That usually terminates any fines. By the way, you should check to see if your loan is a "recourse" or a "non-recourse" loan. With a non-recourse loan, once the bank forecloses and takes the property, it cannot go after you personally for any difference in the debt owed and the real value of the property. With a recourse loan, you are personally liable for the difference.
5. Technically, you can quitclaim a property to anybody you want to...They do not even have to accept a quitclaim, as the power to quitclaim comes from you. However, this does not get you off the hook with the lender for the mortgage. Your best bet is to keep working with the lender and to try to get an agreement from them that you gave back the property and that you are not liable for any deficiencies (ideally). Hope this helps... Check out TaxSaleWealth http://www.taxsalewealth.com