Posted on: 13th Jul, 2008 07:03 pm
does a quit claim deed absolve you from mortgage liability in the state of florida. i'm getting a divorce and i wish to sign the house over to my wife. we both are on the mortgage and i wanted to know if i use a quit claim deed to sign over the house will i still be liable for the mortgage???? and if so how do i do we do it so i'm not liable???? i live in florida is there diffrences in this state compared to others?
What if the situation is a little different. My grandfather got a mortgage in his name and a condo in both our names. Before he was put in a nursing home, we quick claimed the condo to myself. I was never on the mortgage loan, so since he is no longer on the deed and i was never on the mortgage what is my liability and what happens to the condo if he doesnt pay the mortgage even though he doesnt technically own it?
Hi JC!
Welcome to forums!
Though your grandfather technically doesn't own the property, he owns the mortgage on it. The lender will have the right to foreclose the property if the mortgage payments are not made. However, if the lender forecloses the property, your credit won't be affected as your name is not on the mortgage docs.
If you want to stop the foreclosure process, you can contact the lender and refinance the loan in your name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though your grandfather technically doesn't own the property, he owns the mortgage on it. The lender will have the right to foreclose the property if the mortgage payments are not made. However, if the lender forecloses the property, your credit won't be affected as your name is not on the mortgage docs.
If you want to stop the foreclosure process, you can contact the lender and refinance the loan in your name.
Feel free to ask if you've further queries.
Sussane
last week our group held a similar talk about this subject and you illustrate something we haven't covered yet, thanks.
- Laura
- Laura