Posted on: 28th Sep, 2008 08:49 pm
With a quick claim, is the homeowner is responible for the loan??
Hi Timothy!
Welcome to Forums!
Quitclaim only transfers the property to another person. It does not transfer the mortgages. Thus, the person who has taken the mortgage will be responsible for paying it off.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Quitclaim only transfers the property to another person. It does not transfer the mortgages. Thus, the person who has taken the mortgage will be responsible for paying it off.
Feel free to ask if you have further queries.
Sussane
hi timothy!
the person who has taken the mortgage will be responsible for the loan, though he/she has quitclaimed the property to someone else. quitclaim deed only transfers the ownership of the property but not the mortgage. to transfer the mortgage, the new owner has to do a refinance.
thanks,
jerry
the person who has taken the mortgage will be responsible for the loan, though he/she has quitclaimed the property to someone else. quitclaim deed only transfers the ownership of the property but not the mortgage. to transfer the mortgage, the new owner has to do a refinance.
thanks,
jerry