Posted on: 20th Jun, 2007 07:11 am
my son is divorced and has a loan at the bank for his truck, her name is on this loan as well. the bank says he has to refinance the loan to remove her name. is this correct? or could he do a quit claim deed?
That's true Trudy. The loan will have to be refinanced to remove her name.
The other thing is that quit claim deeds can be used for transfer of property ownership only and any type of loan like auto loan or mortgage loan can not be transferred using a quit claim deed.
Miller
The other thing is that quit claim deeds can be used for transfer of property ownership only and any type of loan like auto loan or mortgage loan can not be transferred using a quit claim deed.
Miller
thanks for the info, I was afraid that would be the answer.
Hello Trudy,
As he is divorced and your son's ex's name is still there on the loan, refinancing would remove her name from the loan.
As he is divorced and your son's ex's name is still there on the loan, refinancing would remove her name from the loan.