Posted on: 28th Jul, 2008 12:53 pm
Should the name of the new property owner be placed on the mortgage after they assume the property?
Yes, anyone with an ownership interest in the property will have to sign the mortgage
I failed to mention, I am the party the property was quit claimed to, should my name now be added to the mortage.
I failed to mention that I am the party the claim was quitted to, should my name now be added to the mortgage?
if you got quitclaimed the property to you it means you were put on the title of the property. the mortgage is the responsibility of whomever took it out.
if they stop paying however the house might go into foreclosure and be taken by the bank.
you need to decide if you want the mortgage but you might need to refinance to get the mortgage in your name.
if they stop paying however the house might go into foreclosure and be taken by the bank.
you need to decide if you want the mortgage but you might need to refinance to get the mortgage in your name.
Guest as nice as we was to try and help is absolutely wrong
Quitclaims are dangerous in my opinion because they are misused and easy to do. If there is a mortgage on a property the person that quitclaims the property and still owes is making a huge mistake. They no longer hold ownership yet still have a debt.
Quitclaims are dangerous in my opinion because they are misused and easy to do. If there is a mortgage on a property the person that quitclaims the property and still owes is making a huge mistake. They no longer hold ownership yet still have a debt.
