Posted on: 20th Jun, 2011 08:08 am
Must I notify the lender of a quit claim action? How does a 2nd Mort factor into the mix?
Thanks again
Thanks again
Most mortgage notes carry a clause called the due on sale or acceleration clause. If the lender is not informed the property has been "sold" then they can call the entire loan due. If you are just taking title from spouse to spouse, then it should not trigger the sale clause. Only if the property was sold and transferred without the lender knowing of the sale, could their be an issue.