quit claim

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You can remove your name from the property deed by signing a quitclaim deed. However, it will remove your name from the mortgage. However, the other owner of the property can apply for a loan modification on his own in that situation.

Feel free to ask if you've further queries.

Sussane

Sussane, I have to disagree. Inasmuch as the underlying loan will remain jointly-held, how is the lender to allow a modification to one of the borrowers? When a modification is granted, a new loan is not part of the deal. It is simply a change in the terms of the existing loan. Since our poster would remain obligated under the original terms of the loan, yet ostensibly have no role in the modification process, how do you propose the lender go about granting a modification to the solitary borrower desirous of getting it?

There's no way, in my opinion, for this sort of situation to be settled as easily as you describe.

>>Can I quit claim the property to him and be removed from the mortgage so that he may persue a loan modification?

No.

I suppose that was succinct enough, Raymond.

George / Raymond, you guys are hilarious. Thread after thread of funny.

Sussane, how do you manage to work quitclaim deed into so many situations? They're barely ever the right legal document, but they come up a lot on your posts.

What do you mean by you "do not qualify?"

Hey Chris,

I agree that a quitclaim deed is not a very safe deed to use. But again, a person cannot use a warranty deed or a grant deed to transfer property from one person to another when there is a mortgage on the property. In that case, a quitclaim deed can be only used. So, can you let me as well as other forum members know as to be what type of deed can be used in place quitclaim deed when there is a mortgage on the property?

"George / Raymond, you guys are hilarious. Thread after thread of funny." - What's so funny about their posts, Chris?

Sussane

Fun stuff first
"George / Raymond, you guys are hilarious. Thread after thread of funny.
- What's so funny about their posts, Chris? "

I was reading a few day's worth of posts with Raymond's one word replies and George's one-liners like:" I suppose that was succinct enough, Raymond."

As for quitclaim: I think you're playing with fire. You suggest quitclaims too often and most people are in more trouble, not less, by using them.

Specific to this situation, there isn't an appropriate deed to transfer ownership on a mortgaged property. It's not yours to transfer. Part of the loan covenants included a legalese version of "don't transfer this until you pay us off." Just because a warranty/grant deed doesn't fit doesn't mean it is a good time for a quitclaim.

Can you imagine calling for a loan mod and instead they exercise the due on sale clause? Wow....that's a brutal day.

Chris, I won't even begin to attempt to speak for Raymond, though I suspect he'd concur; but I appreciate your commentary. I've got a philosophy that pretty much tells me that if I can't have fun doing what I'm doing, then I better hang up the spikes. When I see one our fellow posters being as prudent as Raymond was in the post you quoted, I can't help but pounce on it. It's ingrained in me.

But here's the best part - if it made you smile, laugh, grunt, grimace, or any other real reaction - then it did what it was intended. It gave you pause to consider something...maybe you think we're just nuts or maybe you enjoy having a light moment during the course of a stressful (-free?) day.

Regrettably, there is an element that resides here often that clearly isn't as tuned in...I wish they could smile on occasion, too.

I like to think of it as a "manly giggle."

I'll leave that one alone.