Posted on: 31st Dec, 2009 09:51 am
Any possibility of triggering a mortgage payoff demand with a quit claim? We approached the mortgage holder and asked if we could assume the loan - they said no.
does the statement you made correlate with the question you asked? what is it that you're trying to do?
i have been making payments on the property for two years ... can't write anything off, even repairs, the property is not in my name. and the mortgage holder will not work with me ... the property was mine originally, deeded to my daughter. she put a manufactured home on it, but when her husband was transferred, they could no longer make the payments ... i need to get the property into my name, then maybe i can move forward with some kind of refinance.
understood now...a quit claim deed and the refinance transaction you seek could be done coincidentally. when the documents were filed, the quit claim deed would be filed immediately followed by the mortgage deed.
I understood that I would need to property "in my name" in some fashion, before I could approach a refinance ... you're saying it could be done simultaneously ... which would certainly save on deed recording and stamps ... but a refinance would probably necessitate a warranty deed, would it not?
no, doug, that's not necessary at all. coordinate this with your lender and your lawyer and it's really not a difficult proposition.