Posted on: 17th Dec, 2010 12:35 pm
can i file a quit claim deed if we have a second mortgage on the property
Hi elsajimenezrealtor!
Welcome to forums!
You will be able to file a quitclaim deed though you have a second mortgage on the property. However, immediately after the transfer of the property, the new owner will have to refinance the mortgage in his or her name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will be able to file a quitclaim deed though you have a second mortgage on the property. However, immediately after the transfer of the property, the new owner will have to refinance the mortgage in his or her name.
Feel free to ask if you've further queries.
Sussane
Anytime you have a mortgage on a property, you shouldn't be transferring ownership with a Quit Claim unless you have the Lenders permission. In your case, you'd require permission from the first and second lien holders. If you do a Quit Claim without permission, the Lender can immediately call the mortgage due-and-payable.
to follow up what if one of the borrowers is staying on the loan and the co-borrower is being quick claim off do we still need permission
Yes, you'd still need permission. But you'd never want to do that because it's the worse possible position anybody can be in. That'd mean they're fully responsible for the mortgage, but don't own the property. Why would anybody want to be making payments on something they don't own?