Posted on: 23rd Jan, 2009 10:19 am
joshua,
if i was deeded a property in a quit claim deed and there is an oustanding mortgage, do i inform the bank before registering the deed? also if the bank has a heloc or debit accts tied to equity in the house will i assume this also? in this case, there is not a first on the house but a second still outstanding with lines of credit given out to the grantor.
as grantee i'm assumming that the second needs to be paid off at the bank and the heloc or loc will be the grantor's responsiblility and possibly would go into that person's bankruptcy filing. what are your thoughts?
if i was deeded a property in a quit claim deed and there is an oustanding mortgage, do i inform the bank before registering the deed? also if the bank has a heloc or debit accts tied to equity in the house will i assume this also? in this case, there is not a first on the house but a second still outstanding with lines of credit given out to the grantor.
as grantee i'm assumming that the second needs to be paid off at the bank and the heloc or loc will be the grantor's responsiblility and possibly would go into that person's bankruptcy filing. what are your thoughts?
hi metagroupllc,
if the property is transferred in your name and if there is a mortgage on the property, then the lender should be informed about the property transfer. whether you will be assuming the loan or you will have to refinance it will depend upon the lender. as far as i know, you will have to assume or refinance both the loans in your name.
thanks
if the property is transferred in your name and if there is a mortgage on the property, then the lender should be informed about the property transfer. whether you will be assuming the loan or you will have to refinance it will depend upon the lender. as far as i know, you will have to assume or refinance both the loans in your name.
thanks