Posted on: 09th Feb, 2009 09:52 am
I am ending a friendship and want to quick deed a home to my ex-partner The note is in my name. Will I the mortgage company have any problems with quick claim deed? Is this a good option?
hi kolean,
i am sorry to hear that your friendship is ending and that you are faced with this issue.
it is likely that the mortgage company will have an problem with you deeding the home to your friend as you, the noteholder, will no longer be the owner of the house. it's also possible that they may not notice the change and nothing will occur.
the bigger issue here i see is do you understand that by deeding the home to your friend but keeping the note in your name, you are not released from your financial responsibility to pay that mortgage? is that what you really want to do? if you are attempting to have your friend also take over the loan, they will more than likely need to buy the property from you. if you hold joint asset accounts, it may be possible for certain lenders to process your friend's loan as a refinance instead of a purchase.
if you can provide us with any further details regarding your situation, we may be able to better answer your questions.
i am sorry to hear that your friendship is ending and that you are faced with this issue.
it is likely that the mortgage company will have an problem with you deeding the home to your friend as you, the noteholder, will no longer be the owner of the house. it's also possible that they may not notice the change and nothing will occur.
the bigger issue here i see is do you understand that by deeding the home to your friend but keeping the note in your name, you are not released from your financial responsibility to pay that mortgage? is that what you really want to do? if you are attempting to have your friend also take over the loan, they will more than likely need to buy the property from you. if you hold joint asset accounts, it may be possible for certain lenders to process your friend's loan as a refinance instead of a purchase.
if you can provide us with any further details regarding your situation, we may be able to better answer your questions.
Hi Kolean,
Michelle is absolutely right. If you quitclaim the property to your ex-partner, you will lose all your rights to the property. However, this will not relieve you from the loan as your name will still appear on it and you will have to make the loan payments. Thus, if you can elaborate on the issue a bit more, we can surely help you in a better way.
Michelle is absolutely right. If you quitclaim the property to your ex-partner, you will lose all your rights to the property. However, this will not relieve you from the loan as your name will still appear on it and you will have to make the loan payments. Thus, if you can elaborate on the issue a bit more, we can surely help you in a better way.
