Quit Claim...full payment to Bank

lavgurley96 · Joined: 23 Aug 2008 Posts: 2 1.92 Dollars($)

My ex and I bought a house together and eventually broke up. I'm unable to refinance and decided on a quit claim for now until I can refinance in the future. I was able to contact an attorney to draw up the form but was adviced that according to my loan contracts if the home is transferred the bank can ask for the full payment of the home in GA.
My question is how would the bank know that I have filed a quit claim and can the bank actually do this?

smithsussane · Posted: Sun Nov 23, 2008 9:40 pm Post subject:

Hi lavgurley!

Welcome to forums!

If the loan contracts mention that the bank can ask you pay the dues in full when you transfer the property, then the bank can definitely do it. The bank may not come to know immediately that you have transferred the property but later on it can come to know. At that point time, it may call the mortgage due.

Feel free to ask if you have further queries.

Sussane.

lavgurley96 · Joined: 23 Aug 2008 Posts: 2 1.92 Dollars($)

Thanks Sussane. Also according to the documents I need to ask the banks' permission first but I'm fearful because I just had a loan modification that they will say no or break the current contract if I go through with the quit claim.

L

jerry · Posted: Mon Nov 24, 2008 2:22 am Post subject:

Hi lavgurley!

There are chances that the lender will not agree for the quitclaim deed. Still you can have a word with the lender and see what he has to say in this situation. If he disagrees to the quitclaim deed, then its better not to go for it.

Thanks,

Jerry

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