Posted on: 20th Apr, 2006 01:21 pm
Can you Quit Claim a deed to someone if you are still making mortgage payments?
hi catina,
you can quit claim deed to someone with a mortgage pending on it, but you will require the lender's approval.
if you closely follow the mortgage note, then you will see that in case of any property transfer with the mortgage outstanding, will make the mortgage due immediately.
if the lender allows you then there is no problem and it will be allowed if you have valid reasons. consult an attorney for appropriate advice and guidance.
blue
you can quit claim deed to someone with a mortgage pending on it, but you will require the lender's approval.
if you closely follow the mortgage note, then you will see that in case of any property transfer with the mortgage outstanding, will make the mortgage due immediately.
if the lender allows you then there is no problem and it will be allowed if you have valid reasons. consult an attorney for appropriate advice and guidance.
blue
Catina,
You will still be responsible for the mortgage after you quit claim the property. It's better if you inform the lender previously.
The mortgage can be refinanced in the new owner's name if you want to transfer the mortgage too. Otherwise you will have to continue to pay off the mortgage.
You will still be responsible for the mortgage after you quit claim the property. It's better if you inform the lender previously.
The mortgage can be refinanced in the new owner's name if you want to transfer the mortgage too. Otherwise you will have to continue to pay off the mortgage.