Posted on: 13th Jun, 2008 06:29 am
will i still have to pay anothing on the mortgage or home equity loan when i sign a quitclaim deed?
hello Sandra Barrett,
Welcome to the Forum,
As long as you are on the Mortgage note you are still responsible to make those payments. The quitClaim Deed is only to transfer property interest over to the person who you are quit claiming the deed over to. That person will need to refinance the mortgage to put their name only on the mortgage note to free you of any loan responsibility.
Thanks and hope this answered your question.
Jeanette Smith
Mortgage Planner
Union Mortgage Group
"www.umgva.com"
[Link deactivated as per the forum rules]
Welcome to the Forum,
As long as you are on the Mortgage note you are still responsible to make those payments. The quitClaim Deed is only to transfer property interest over to the person who you are quit claiming the deed over to. That person will need to refinance the mortgage to put their name only on the mortgage note to free you of any loan responsibility.
Thanks and hope this answered your question.
Jeanette Smith
Mortgage Planner
Union Mortgage Group
"www.umgva.com"
[Link deactivated as per the forum rules]
Hi Sandra.
Welcome to the forum.
Quitclaim does not remove you from the mortgage obligations and you should not quitclaim without informing the lender or taking his confirmation. I agree with Jeanette that you should ask the person to whom you are quitclaiming the property to refinance mortgage on his name to remove you from the mortgage responsibility.
Best of luck,
Larry
Welcome to the forum.
Quitclaim does not remove you from the mortgage obligations and you should not quitclaim without informing the lender or taking his confirmation. I agree with Jeanette that you should ask the person to whom you are quitclaiming the property to refinance mortgage on his name to remove you from the mortgage responsibility.
Best of luck,
Larry
