Does a QUIT CLAIM buy you a couple years?

[Andrew Stoll]

As I'm doing a title search, I come across a (Illinois) property where there have been 3 LPs in the last six years, or so. It seems that every time an LP is recorded, the person who holds interest, quit claims to someone else, which seems to buy the owner another couple years.

How many times can the owner(s) quit claim to someone, in effect, causing the lender to restart the foreclosure process all over again?

[Account Closed]

Assuming (and that's a big assumption) the owner/borrowers are trying to stall a foreclosure sale, there is a known stall technique involving quit claims combined with BK filings. If a defaulted borrower deeds away even just 5% of their interest in a property to someone who is in BK, the foreclosure sale will be stalled until the lender is able to get BK court to lift the stay. Many times this small percentage of the property is deeded to people without their knowledge. Anyone can look up BK filings.

That being said, the OP doesn't say for sure whether or not the lis pendens he is seeing are foreclosures. They could be other law suits involving the real property, and there could be other reasons for the quit claim deeds.