Imminent Foreclosure?
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Basically every situation is different but if someone is willing to help you out of it so they can profit then good for them.
Imminent Foreclosure?Well, the "we buy houses" people may or may not be a good option. Read the contract carefully, and have your lawyer look it over before you sign it.
Remember, the devil is often in the details. If the "we buy houses" folks object to giving you a copy of the contract for your lawyer to look over, then run, do not walk, to the nearest exit.
However, there may well be some economies that the "we buy" folks can use that are not available otherwise, and if they already have an ongoing relationship with the lender, they may be able to negotiate a better deal than you can.
(Essentially, some of these folks are legit, but many are somewhat shady. Be careful. It is possible to lose your home AND ruin your credit.)
The "quit claim" won't do anything to help the credit of the other borrowers, as it does not affect the mortgage, only the title to the property. Bottom line, they signed the loan, they're still on the hook.
It's worth paying for a half hour of your lawyer's time, or talking to the local legal aid folks if you don't have a family lawyer, just to keep your and your family's credit intact.
If the "we buy" folks don't turn out to be legit, then you should talk to an agent and your lender about a short sale.
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