Hello bobby623,
Yes, the grantee is required to refinance. However, you did not mention if you are the only person listed on the deed now, or if you have been added as an additional person. Regardless, a refinance is required.
Also, did the grantor already have a lien on the property? You will need to be aware of that as well. A quitclaim only transfers someone's interest in the property and does not guarantee a clear title.
Let us know if you still have questions.
Good Luck. :)
Yes, the grantee is required to refinance. However, you did not mention if you are the only person listed on the deed now, or if you have been added as an additional person. Regardless, a refinance is required.
Also, did the grantor already have a lien on the property? You will need to be aware of that as well. A quitclaim only transfers someone's interest in the property and does not guarantee a clear title.
Let us know if you still have questions.
Good Luck. :)
cliff, i don't think i can agree here. i do not believe the grantee of a quit claim deed is obligated to refinance the underlying mortgage. it may be understood between the parties on a non-verbal basis many times, but that's not necessarily always the case. furthermore, unless such a stipulation is in writing, what would be the motivation of the recipient of a quit claim deed (which may have conveyed exactly nothing) to take such a major step as to refinance?
Hi George,
and bobby623,
I guess I need to make an update to my previous answer to bobby's question with the quitclaim, as perhaps I did not understand if bobby is the grantor or the grantee, the circumstances of the mortgage, etc...I had assumed there is a mortgage in place with this particular quitclaim.
So, as per is advised here within the forum itself at http://www.mortgagefit.com/discuss/about2007.html
my understanding was that a grantee is usually expected to refinance the mortgage into their name, of course, depending upon all the circumstances surrounding the quitclaim to be issued in the first place.
It is also my understanding that in some instances, that some lenders do actually require the grantee to refinance in their name only.
Thanks George for taking time to clarify that there are always particular circumstances relating to the conveyance with a quitclaim.
:)
and bobby623,
I guess I need to make an update to my previous answer to bobby's question with the quitclaim, as perhaps I did not understand if bobby is the grantor or the grantee, the circumstances of the mortgage, etc...I had assumed there is a mortgage in place with this particular quitclaim.
So, as per is advised here within the forum itself at http://www.mortgagefit.com/discuss/about2007.html
my understanding was that a grantee is usually expected to refinance the mortgage into their name, of course, depending upon all the circumstances surrounding the quitclaim to be issued in the first place.
It is also my understanding that in some instances, that some lenders do actually require the grantee to refinance in their name only.
Thanks George for taking time to clarify that there are always particular circumstances relating to the conveyance with a quitclaim.
:)
i see where you're coming from, cliff. i tend to shoot from the hip rather than research, basing my answers on experience sometimes instead of changes in procedures.
that being said, i won't back off; especially inasmuch as a quit claim deed can be issued by anyone at anytime and be worth less than the paper it's printed on.
i will, of course, agree that any lender who is involved would require a refinance (or call the note), and that only makes sense. yes, indeed, the primary purpose of quit claiming is to vest title in a different format than is currently the case and often that's the result of a change in relationship. most times, that does mean a mortgage is involved. but at the same time, the handling of any debt on the property would usually be worked out in advance of the transfer of title to the satisfaction of all (or most) of the parties.
we seem to get a lot of confused folk on these forums wondering about the quit-claiming of title in divorce situations. clearly, getting a divorce is much easier in some cases than it once was, but i was always - i still am - of the opinion that having good legal advice was a necessity in working out the details of a marital split. apparently, something has gone haywire with that stance - either the legal advice is no longer any good or the parties simply decide to take their friends' advice instead of their lawyers'.
and of course, we all know how much our friends know!
that being said, i won't back off; especially inasmuch as a quit claim deed can be issued by anyone at anytime and be worth less than the paper it's printed on.
i will, of course, agree that any lender who is involved would require a refinance (or call the note), and that only makes sense. yes, indeed, the primary purpose of quit claiming is to vest title in a different format than is currently the case and often that's the result of a change in relationship. most times, that does mean a mortgage is involved. but at the same time, the handling of any debt on the property would usually be worked out in advance of the transfer of title to the satisfaction of all (or most) of the parties.
we seem to get a lot of confused folk on these forums wondering about the quit-claiming of title in divorce situations. clearly, getting a divorce is much easier in some cases than it once was, but i was always - i still am - of the opinion that having good legal advice was a necessity in working out the details of a marital split. apparently, something has gone haywire with that stance - either the legal advice is no longer any good or the parties simply decide to take their friends' advice instead of their lawyers'.
and of course, we all know how much our friends know!