Posted on: 21st Apr, 2010 10:32 am
what problems, if any might the bank present if they find out that you have done a quitclaim deed?
Mortgages are written with due-on-sale clauses contained in the documents. Therefore, since any transfer of ownership is considered a sale, the lender can, and usually will, seek payment in full of the debt.
In reality, many times people transfer property back and forth and lenders are not made aware of the transactions. Unless there develops a problem with the mortgage loan, or the borrower(s) seeks a new loan, these things are usually not unearthed.
In reality, many times people transfer property back and forth and lenders are not made aware of the transactions. Unless there develops a problem with the mortgage loan, or the borrower(s) seeks a new loan, these things are usually not unearthed.