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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1597
Location: MASSACHUSETTS
148.36 Dollars($)
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Post subject: RE: does quitclaim take care of deed and debt? |
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Hi Don,
Welcome to forums.
You cannot quitclaim a mortgage. Rather you can quitclaim a property by use of a deed. A notarized quitclaim deed of recorded will take care of the property transfer.
It's good to know that your sister's boyfriend is willing to take responsiblity of the loan. So, what he'll have to do is, refinance the loan in his name. That is what the lender would also prefer. But inform the lender prior to the quitclaim; the loan transfer is something which can be done only after the lender's approval.
If you wish to know about refinance, please refer to the refinance faqs section .
Hope this helps...
God bless you.
Samantha
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Kimberly
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Post subject: Quit Claim |
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| My girlfriend had a land contract that went bad and the owner was trying to forclose on the house, she was unable to obtain financing so I purchased the house, with a gifted equity down payment, everything is in my name but she is making the payments, now she wants me to quit claim her on to the deed why would we want this or do we need it |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Welcome Kimberly,
Perhaps your girlfriend wants to have the property in her name and that's the reason she wants you to sign a quitclaim deed and transfer the property to her. But if she wants to take over the property, probably the lender would also require her to refinance the loan in her name.
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Procrastination is the enemy of your financial sucess |
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Guest
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Post subject: |
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in 1977, I give my mother a quitclaim deed, so she could borrow some money to repair the property, now she quitclaim the property back to me. Because she is up in age and unable to pay back loans against the property, she quitclaim the property back to me, I was the original owner of the property, however, I understand that she has quit claim deed the property to my brother. I paid off a mortage of $27,000. 00 , who is intitle to the property?
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babe chester fairley
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Post subject: quit claim |
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| In 1977 I give my mother a quitclaim deed, so she could borrow some money to repair the property, now she quitclaim the property back to me. Because she is up in age and unable to pay back mortage builded up during the year, that is one of the reason she quitclaim the property back to me. However, I understand that she give her younger son a quitclaim deed for the same property which was my from the begining. Does he has a claim against this property? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 813
Location: OHIO
194.41 Dollars($)
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Post subject: RE: who owns the property |
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Hi guest,
Welcome to our community forums.
If your mom has quitclaimed the property back to you, then you will be the owner. How does your brother come into the situation? Please read through the quitclaim deed and try to understand what it says, and who are listed as the grantees (receivers of property). If it says you and your brother are the ones receiving property, then obviously the latter has an interest in it and can rightfully claim his share.
Know more on Quitclaim deeds and how they work .
Regards,
Jessica.
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http://jessica.mortgagefit.com/ |
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