Posted on: 01st Jul, 2008 01:04 pm
I want to transfer a property to my inlaw but I do not want to remain responsible for the mortgage lien. Will a quitclaim deed cover this? What other options do I have?
hello major mike,
the best way to answer your question is to tell you that a quitclaim will not release you from your obligation to any mortgage loan, or other lien secured against the property. if you do use the quitclaim deed, the grantee(your inlaws) must refinance the property using their own income, assets and credit, and they cannot use your income, assets or credit to get the financing approved.
i hope this can direct you more confidently now on how to proceed. you may visit home-buddies.com and read up on some information there about the different kinds of property deeds and how they work.
let us know if you have more questions.
good luck.
the best way to answer your question is to tell you that a quitclaim will not release you from your obligation to any mortgage loan, or other lien secured against the property. if you do use the quitclaim deed, the grantee(your inlaws) must refinance the property using their own income, assets and credit, and they cannot use your income, assets or credit to get the financing approved.
i hope this can direct you more confidently now on how to proceed. you may visit home-buddies.com and read up on some information there about the different kinds of property deeds and how they work.
let us know if you have more questions.
good luck.
Hi Mike.
Welcome to the forum.
Cliff is very right. The quitclaim deed will not release you from the obligation of the mortgage loan. So you should ask your inlaw to refinance the mortgage on his/her name. BTW have to consult with the lender and informed him that you are going to quitclaim the property. IF not then you should do it.
Best luck,
Larry
Welcome to the forum.
Cliff is very right. The quitclaim deed will not release you from the obligation of the mortgage loan. So you should ask your inlaw to refinance the mortgage on his/her name. BTW have to consult with the lender and informed him that you are going to quitclaim the property. IF not then you should do it.
Best luck,
Larry
