Posted on: 14th Oct, 2007 03:51 pm
We want our daughter to talk to the lender to get the info on the simple assumption loan process. As far as the address change the house is in Michigan and we live in Florida. We cannot afford to evict them and sell. We cannot afford the morgage payments. They are now at $3900.00 a month because the lender paid up the back taxes and is setting up an escrow account. They will do a quick claim deed at closing. But will this type of loan relieve my husband of financial responsibilities.
9.
9.
Hi,
A quit claim only transfers the ownership of the home and not the financial responsibilities associated with it.
A quit claim only transfers the ownership of the home and not the financial responsibilities associated with it.
Hi Susie,
Welcome to the forum.
If I am not wrong, then perhaps you will be transferring your home in Michigan to your daughter and for that purpose, the quitclaim has been signed by you and your daughter. Now, even though you sign such a deed, you aren't relieved of the financial responsibility of paying off the loan. If your daughter gets the property and as you say, assumes the loan, then she needs to talk to the lender and take his permission. Moreover, even before you do the quitclaim, it is better that you inform the lender.
Do correct me if I haven't got you.
God bless you.
Samantha
Welcome to the forum.
If I am not wrong, then perhaps you will be transferring your home in Michigan to your daughter and for that purpose, the quitclaim has been signed by you and your daughter. Now, even though you sign such a deed, you aren't relieved of the financial responsibility of paying off the loan. If your daughter gets the property and as you say, assumes the loan, then she needs to talk to the lender and take his permission. Moreover, even before you do the quitclaim, it is better that you inform the lender.
Do correct me if I haven't got you.
God bless you.
Samantha
