Posted on: 13th Apr, 2006 08:27 am
If i still have a mortgage can i quit claim the property to my brother and he assume the mortgage (mortgage is held by original owner and is ok with brother taking over) deed is registered as a agreement deed? Please help
Hi jennifer
Yeah you can do it, but still the mortgage will be on your name. You will still be legally responsible for the mortgage even if you sign a Quitclaim Deed.
Yeah you can do it, but still the mortgage will be on your name. You will still be legally responsible for the mortgage even if you sign a Quitclaim Deed.
hi jen,
you can quit claim your property to your brother but a quit claim deed will not help you in transferring the mortgage.
you will still be held responsible for the mortgage even after the quit claim. to transfer your mortgage, the mortgage needs to be refinanced in your brother's name only.
do consult an attorney in the process of the quit claim deed and he will guide you in the transfer.
blue
you can quit claim your property to your brother but a quit claim deed will not help you in transferring the mortgage.
you will still be held responsible for the mortgage even after the quit claim. to transfer your mortgage, the mortgage needs to be refinanced in your brother's name only.
do consult an attorney in the process of the quit claim deed and he will guide you in the transfer.
blue
hi,
you can go for quit claim deed. but through quit claim deed only the interest in the title of a property gets transferred. if you want to transfer the mortgage also then either you will have to refinance the mortgage in your brothers name or undergo a process called novation.
thanks,
jerry
you can go for quit claim deed. but through quit claim deed only the interest in the title of a property gets transferred. if you want to transfer the mortgage also then either you will have to refinance the mortgage in your brothers name or undergo a process called novation.
thanks,
jerry