Posted on: 18th Mar, 2009 12:13 pm
I bought a property with a friend in 2004. I am on the Deed and Mortgage but not on the Note. He solely qualified for the Loan (Note). After paying on the property for 5 years, we are discussing a financial arrangement where he pays me my down payment back and he gets to keep all the payment equity in the property and he will assume the full payment of the loan. Can we just Quit Claim me off the Deed and the Mortgage? By doing so, can I remove myself from all obligations with this property? Does the Lender have to approve?
The property is in Florida.
Hi MichaelR,
"I am on the Deed and Mortgage but not on the Note."
I don't quite understand this part. Being on the mortgage and the note are the same. You cannot be on the mortgage unless you sign the note and promise to repay the loan.
If you are on the title only and not responsible for the loan (which is what the case is, I believe, since he solely quallified for the loan), you can simply quitclaim and release your share in the property. If you are not on the loan, the lender won't mind you signing the deed to give ip your share.
"I am on the Deed and Mortgage but not on the Note."
I don't quite understand this part. Being on the mortgage and the note are the same. You cannot be on the mortgage unless you sign the note and promise to repay the loan.
If you are on the title only and not responsible for the loan (which is what the case is, I believe, since he solely quallified for the loan), you can simply quitclaim and release your share in the property. If you are not on the loan, the lender won't mind you signing the deed to give ip your share.