Posted on: 11th Sep, 2009 07:10 pm
The couple is separated and getting a divorce. I want to know if a quit claim can transfer a loan from one person to another person as the property is transfer by the quit claim and it is legal. The loan and property is in both their names are on the loan, can one name be taken off by the quit claim? Can the loan and the property be transfered legallyPlease let me know.
Hi phil!
Welcome to forums!
I agree with Sunny that a loan cannot be transferred through a quitclaim deed. It is a legal document to transfer property from one person to another. In order to remove a person's name from the mortgage, the other owner of the property will have to refinance the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Sunny that a loan cannot be transferred through a quitclaim deed. It is a legal document to transfer property from one person to another. In order to remove a person's name from the mortgage, the other owner of the property will have to refinance the loan.
Feel free to ask if you've further queries.
Sussane
refinance is option to remove loan from one person to another.