Posted on: 30th Jan, 2009 02:16 pm
Our home is 100% financed and a company has contacted us regarding selling to them. They stated they would notify our lender that they now own the home. The only paper work they are requesting be notarized is Quitclaim Deed, Loan Assumption Form, Purchase Agreement, HUD 1 Form. After these documents have been signed and notarized they are stating we will not longer be responsible for the loan(s) or ownership. Is this true?
Hi pottsat!
Welcome to forums!
Once your sign the quitclaim deed in the name of that company, you will no longer remain the owner of the property. After this, when the company assumes the loan or refinances the mortgage in their name, you will no longer be responsible for the mortgage payments as well.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Once your sign the quitclaim deed in the name of that company, you will no longer remain the owner of the property. After this, when the company assumes the loan or refinances the mortgage in their name, you will no longer be responsible for the mortgage payments as well.
Feel free to ask if you have further queries.
Sussane