Posted on: 03rd Feb, 2009 09:09 am
after a quick deed am i resposible for the home loan? how does it affect my credit? does it show paid or transfer? please help
hi,
quitclaim is a legal process through which you can transfer your interest in the property to others. but this does not guarantee whether the property is legally owned by you or whether it is free of any liens. thus, you can only transfer the property-interest, and never any mortgage debt or financial obligations of any other kind. even after a quitclaim, you will still be held responsible for the home loan.
however, if you can persuade the grantee (who you are quitclaiming to) to refinance the house in her name, once the title has been transferred to her, you can pay off your debt easily.
you can also consider the option of novation, which allows you to transfer the liability to someone else, thus relieving you of the burden of making payments.
be cheerful & keep smiling.
quitclaim is a legal process through which you can transfer your interest in the property to others. but this does not guarantee whether the property is legally owned by you or whether it is free of any liens. thus, you can only transfer the property-interest, and never any mortgage debt or financial obligations of any other kind. even after a quitclaim, you will still be held responsible for the home loan.
however, if you can persuade the grantee (who you are quitclaiming to) to refinance the house in her name, once the title has been transferred to her, you can pay off your debt easily.
you can also consider the option of novation, which allows you to transfer the liability to someone else, thus relieving you of the burden of making payments.
be cheerful & keep smiling.