Posted on: 12th Mar, 2007 07:56 pm
Will a warranty deed transfer the mortgage to another person immediately or should the person be added to the deed beforehand? This guy ask me to be an investor in real estate by signing a mortgage and then transfer the property to him through a quick claim deed with the assumption he would also be absorbing the mortgage..is this not true?
Welcome S_chocolate,
A warranty deed cannot transfer any loan as such.
The guy who has asked you to be an investor can assume the loan only if it is mentioned in the legal documents that you have signed before agreeing to such a contract.
It's better you go through the legal documents once again and check if there is any such provision for an assumption of the loan.
A warranty deed cannot transfer any loan as such.
The guy who has asked you to be an investor can assume the loan only if it is mentioned in the legal documents that you have signed before agreeing to such a contract.
It's better you go through the legal documents once again and check if there is any such provision for an assumption of the loan.
It can be a scam....BEAWARE
For the mortgage to be assumed by this person the mortgage should have an assumption clause. If it is not then even after quit claiming the property to him you will remain liable on the mortgage.
"Will a warranty deed transfer the mortgage to another person immediately or should the person be added to the deed beforehand?"
And a warranty deed cannot be used to transfer property if there is a lien on it (mortgage in your situation).
For the mortgage to be assumed by this person the mortgage should have an assumption clause. If it is not then even after quit claiming the property to him you will remain liable on the mortgage.
"Will a warranty deed transfer the mortgage to another person immediately or should the person be added to the deed beforehand?"
And a warranty deed cannot be used to transfer property if there is a lien on it (mortgage in your situation).
"This guy ask me to be an investor in real estate by signing a mortgage and then transfer the property to him through a quick claim deed with the assumption he would also be absorbing the mortgage..is this not true?"
are you familiar with this person? how you came in contact with him? how you will become an investor by transferring your property to him?
Cheese Steak
are you familiar with this person? how you came in contact with him? how you will become an investor by transferring your property to him?
Cheese Steak