Posted on: 24th Mar, 2011 08:42 pm
If I do a quick claim on a piece of property and the person receiving it is unable to finance soley by themself, will I be liable for the loan?
Hi parker,
Signing a quitclaim deed will not release the loan. Unless the new buyer refinances the loan, you will be liable for paying off the mortgage in full. If you don't pay off the loan, the lender will come after you in order to recover the dues. Non-payment of mortgage will also have a negative affect on your credit report.
Signing a quitclaim deed will not release the loan. Unless the new buyer refinances the loan, you will be liable for paying off the mortgage in full. If you don't pay off the loan, the lender will come after you in order to recover the dues. Non-payment of mortgage will also have a negative affect on your credit report.
Hi parker,
Welcome to Mortgage fit,
One more point to add this discussion is that....
Even if you quitclaim the deed to someone who is not eligible to refinance the loan then lender will immediately put a lien on the property and thus you will be liable to pay the remaining amount in single stroke which is even further big trouble ...So never attempt to do it....
Feel free to ask any further query if you have ....
DIPA
Welcome to Mortgage fit,
One more point to add this discussion is that....
Even if you quitclaim the deed to someone who is not eligible to refinance the loan then lender will immediately put a lien on the property and thus you will be liable to pay the remaining amount in single stroke which is even further big trouble ...So never attempt to do it....
Feel free to ask any further query if you have ....
DIPA