Posted on: 29th May, 2008 11:50 am
My husband wants to quick claim our home to my name only. I am on the 2nd mtg however he is the only person on the 1st. Will the 1st mtg company require the loan to be paid off?
Hi Rach,
Welcome to the forum.
It is not necessary that you will have to pay off the first mortgage before quitclaiming to you but you will have to take the confirmation from the lender and he may ask you to take the loan on your name only as you will be the sole owner of the property after the quitclaim.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
It is not necessary that you will have to pay off the first mortgage before quitclaiming to you but you will have to take the confirmation from the lender and he may ask you to take the loan on your name only as you will be the sole owner of the property after the quitclaim.
Feel free to ask if you have any further questions.
Best of luck,
Larry
welcome rach,
you should refinance the loan on your name when your husband will quitclaim the property to you. if you get better rates and terms then you can refinance the loan from other lenders also and pay off the present lender off. but if you do not refinance the loan on your name then he may declare it due on sale and the lender can demand for the full payment of the loan.
you should refinance the loan on your name when your husband will quitclaim the property to you. if you get better rates and terms then you can refinance the loan from other lenders also and pay off the present lender off. but if you do not refinance the loan on your name then he may declare it due on sale and the lender can demand for the full payment of the loan.