Posted on: 05th Sep, 2010 09:01 pm
I just had a loan modification, can i quit claim the house to make money off of it, and if I can does my mortagage company have to know about it or give me permission to do it?
Hi groundzero,
You can quit claim the property to someone else after modification, but you would still be responsible for the loan payments. After there is a change in the property ownership, the lender will want the new owner to refinance the mortgage in his or her name.
You can quit claim the property to someone else after modification, but you would still be responsible for the loan payments. After there is a change in the property ownership, the lender will want the new owner to refinance the mortgage in his or her name.