Posted on: 20th Sep, 2010 08:22 am
i have question concerning quit deed.
i was a primary holder and my son is secondary owner.
both of our name was on the first mortgage home.
now my son want to purchase a new home, he's not qualify since his name is still on the first mortgage. how would he be release his name on first mortgage so he can pursue getting his new home.
does this quit deed work.
thanks
i was a primary holder and my son is secondary owner.
both of our name was on the first mortgage home.
now my son want to purchase a new home, he's not qualify since his name is still on the first mortgage. how would he be release his name on first mortgage so he can pursue getting his new home.
does this quit deed work.
thanks
brandon, the quit claim deed only transfers ownership of the property. in order for a borrower to "release his name on the mortgage (the debt)" you would have to visit this lender or another lender and obtain a refinance loan. until the loan is paid in full, he will always be held liable for the debt, no matter how you handle title issues.