The "Sign it Over" scam

In the "sign it over" scam, the person offers to take over the payments to the house. He may even offer you some money as an incentive. In return, he'll ask you to sign a quit claim deed, releasing your claim to the house.

This could be legitimate, but keep in mind that the person is not obligated to make the payments. He could if he wanted to just rent it out or live in it rent free until the lender completes the foreclosure process. You would still be responsible for the loan.

Questions which need to be answered are:

What's my guarantee that you will make the payments?
Will you make the payments that I'm behind (known as curing the default)?
Will you pay me for my equity?

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