Posted on: 14th Mar, 2014 08:08 am
my mother wants to quit claim her home to me, but still owes, i am willing and able to pay. Does the bank holding the mortgage have a duty, to honor this loan, changing the name, etc., or can the demand payment immediately
Yes, the bank that holds the mortgage loan (grantor) is liable to honor the loan and transfer it to the grantee but it can certainly demand immediate payments.
By quit claiming the property your mother DOES NOT get to walk away from the mortgage - in fact it is not wise to quit claim a home where you still owe - you need to finance the balance into your name - if there is a quit claim the bank can call the note due based on the due on sale clause that is every contract....
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
