Many foreclosed homes get sold with "quit-claim" deeds. This type of deed does not guarantee a seller has any right to sell anything.
I can legally sell the state of Alaska to you, with my "quit-claim" deed. All it is - is a sale of whatever rights I might have to the buyer. It does NOT claim I actually have any ownership (note this might vary by state laws). It is my "quitting" any "claim" I might have to the subject property.
I've bought two foreclosed homes from the much-heard-about evil Countrywide Bank. Both came with quit-claim deeds. But before buying, I did abstracts and title searches on my own - and then paid extra bucks for title insurance - and got warranty deeds. If the title company had refused to insure my title, I would not have bought.
Regardless of what happens with some of these foreclosed homes, it still boils down to people who promised to pay, and then . . . did not. That is NOT the banks faults.
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