Posted on: 08th Jan, 2009 01:44 pm
can you use the quit deed to transfer property if there is still a loan on the property that needs to be paid?
hi angela!
welcome to forums!
yes, a quitclaim deed can be used to transfer a property which has a mortgage on it. however, once the property is transferred to the new owner, the mortgage needs to be refinanced by him/her. if refinance is not done, the earlier owner of the property will still be responsible for the mortgage.
feel free to ask if you have further queries.
sussane
welcome to forums!
yes, a quitclaim deed can be used to transfer a property which has a mortgage on it. however, once the property is transferred to the new owner, the mortgage needs to be refinanced by him/her. if refinance is not done, the earlier owner of the property will still be responsible for the mortgage.
feel free to ask if you have further queries.
sussane