Posted on: 05th Feb, 2007 07:54 pm
quit claim deed is in my name.
Welcome MICHELLEPRINCE,
If the property is in your name, then you can take a loan against it. It does not matter whether you have received the title through quit claim deed.
If the property is in your name, then you can take a loan against it. It does not matter whether you have received the title through quit claim deed.
MICHELLEPRINCE,
Have you quit claimed your property to someone or is it that you got the ownership through quit claim?
Have you quit claimed your property to someone or is it that you got the ownership through quit claim?
I got the property ownership through quit claim deed
If you have got the ownership through quit claim deed, then you can definitely take a loan against the property as you are the owner now. But are there co-owners?
Hi michelle prince,
If the deed was properly made out, notarized and recorded then you have the property title in your name. Lenders want the person applying for loan to have ownership rights over the house, which you have. But you will have to meet their other criterions also like reasonable credit score, stable income, the amount of debts you have..etc.
If the deed was properly made out, notarized and recorded then you have the property title in your name. Lenders want the person applying for loan to have ownership rights over the house, which you have. But you will have to meet their other criterions also like reasonable credit score, stable income, the amount of debts you have..etc.
Today I can't get into the link where my pm, profile etc site last night I think I stumbled into that site and I edited my profile and changed my password since I was having trouble signing in. I feel so STUPID! Please help me out . Thanks. This is the only site I could find the box for quick answer/reply, I know is in the wrong forum. I am sorry for this mess.
Mollie,
You can send an email to the site admin; they have record of passwords of all the users and can give it back to you.
You can send an email to the site admin; they have record of passwords of all the users and can give it back to you.
Thanks, but what is the email for the site admin.?
Hi Molliehuber,
You can send an email to Sam by referring to his profile page http://www.mortgagefit.com/sam/index.html and he will sort out things for you.
Thanks
Blue
You can send an email to Sam by referring to his profile page http://www.mortgagefit.com/sam/index.html and he will sort out things for you.
Thanks
Blue
so if my name is on the quit claim deed but the current mortgage is on someone elses name, can i take out a loan on the quit claim deed? respond soon
hi chic!
you should note that you cannot take a loan on the quitclaim deed. you can take a loan on the property. moreover, i think it will be difficult for you to get a mortgage on such a property where there is a loan taken by someone else.
even if you get a loan, the first lender will want your loan to be a second mortgage or a subordinate loan. you will also have to sign a subordination agreement for this. however, whether you get such a loan or not will depend upon the lenders.
thanks.
you should note that you cannot take a loan on the quitclaim deed. you can take a loan on the property. moreover, i think it will be difficult for you to get a mortgage on such a property where there is a loan taken by someone else.
even if you get a loan, the first lender will want your loan to be a second mortgage or a subordinate loan. you will also have to sign a subordination agreement for this. however, whether you get such a loan or not will depend upon the lenders.
thanks.