Posted on: 21st Apr, 2011 10:56 am
Can you quitclaim a house and it's debt to someone while it is in foreclosure (before it is foreclosed)
Hi Wicker,
Welcome to Mortgage fit,
You can not transferred the debt of the person through the quitclaim.Only ownership can be transferred to the person but not the loans.
Person's name on the deed remain until lender does not sell the property to some buyer.So even if you try to transfer the property in this condition,it will not have any positive outcome...So unnecessarily waste our time and money doing so..only mental satisfaction could be achieved that you are no longer a owner...if you really hate the idea of 'ownership'....
Feel free to ask any further query if you have........
DIPA
Welcome to Mortgage fit,
You can not transferred the debt of the person through the quitclaim.Only ownership can be transferred to the person but not the loans.
Person's name on the deed remain until lender does not sell the property to some buyer.So even if you try to transfer the property in this condition,it will not have any positive outcome...So unnecessarily waste our time and money doing so..only mental satisfaction could be achieved that you are no longer a owner...if you really hate the idea of 'ownership'....
Feel free to ask any further query if you have........
DIPA
Hi Wicker,
You may quitclaim a house to someone else when it is in foreclosure. However, it won't help you in transferring the mortgage. The mortgage will still remain in your name unless the the new owner of the property refinances it in his/her name. Moreover, as the property is already in foreclosure it is better to not transfer it to someone else.
You may quitclaim a house to someone else when it is in foreclosure. However, it won't help you in transferring the mortgage. The mortgage will still remain in your name unless the the new owner of the property refinances it in his/her name. Moreover, as the property is already in foreclosure it is better to not transfer it to someone else.