Posted on: 25th Sep, 2010 09:54 am
my parents co-signed on my loan in purchasing a condo and now i'd like to remove their name from the loan & title. i have made all the payments and never needed their financial stability to help with the mortgage payment. will a quit claim deed remove all of their responsibility to the title as well as the loan? how would i go about removing them from any obligation to the condo?
Welcome maikanelson,
If your parents sign a quitclaim deed in your favor, then it will only remove them from the property deed. It won't remove them from the mortgage. You will have to refinance the mortgage in order to remove their names from the mortgage.
If your parents sign a quitclaim deed in your favor, then it will only remove them from the property deed. It won't remove them from the mortgage. You will have to refinance the mortgage in order to remove their names from the mortgage.