Posted on: 15th Mar, 2007 12:14 pm
Own a house that I do not live in...I want to get out of the house and the mortgage more importantly.
if I quit claim... am I still responsible for paying the mortgage and if so , is there anyway out of the mortgage without defaulting
if I quit claim... am I still responsible for paying the mortgage and if so , is there anyway out of the mortgage without defaulting
Quit claiming to someone will not transfer the mortgage; the new owner will have to get it refinanced in his name. Only then you will have no responsibility of paying it.
Hi Rdewberry,
When you quit claim your property, you will be able to get your name off the title but this does not take you out of the loan.
In order to get out of the mortgage without defaulting, you may either transfer the loan to the new owner or have him refinance the loan. However, both the processes would require the lender's approval after considering the credit worthiness of the new owner.
Thanks,
Jerry.
When you quit claim your property, you will be able to get your name off the title but this does not take you out of the loan.
In order to get out of the mortgage without defaulting, you may either transfer the loan to the new owner or have him refinance the loan. However, both the processes would require the lender's approval after considering the credit worthiness of the new owner.
Thanks,
Jerry.
there is no way out except refinance i feel.
rdewberry,
you have the answer you were looking for, I just hope you understand it. Obviously, to get into this position you borrowed money under terms to repay that money. The reason someone lent it to you in the first place is because you owned a piece of property that the lender could take from you if you didn't pay back your loan.
If you want the debt to go away, you have to pay it back. How do you pay back debt? Easy, either use cash, liquidate an asset, or borrow from someone else to pay off the current lender.
What your initial post was suggesting is that you want to give away the property which was used for collateral and then hoped that somehow this would negate your having to pay back what you borrowed under the terms you borrowed it. Unfortunately...no.
So sell the home and force the new owner to borrow money to pay back your lender.
good luck
you have the answer you were looking for, I just hope you understand it. Obviously, to get into this position you borrowed money under terms to repay that money. The reason someone lent it to you in the first place is because you owned a piece of property that the lender could take from you if you didn't pay back your loan.
If you want the debt to go away, you have to pay it back. How do you pay back debt? Easy, either use cash, liquidate an asset, or borrow from someone else to pay off the current lender.
What your initial post was suggesting is that you want to give away the property which was used for collateral and then hoped that somehow this would negate your having to pay back what you borrowed under the terms you borrowed it. Unfortunately...no.
So sell the home and force the new owner to borrow money to pay back your lender.
good luck
