Posted on: 22nd Oct, 2007 03:11 pm
Hi, friend has a home he does not own yet (still paying mortgage). My father in law gets our friend to sign a quitclaim. Now, can my father in law sell the home and can our friend sign a quitclaim even though he does not own the house yet?
Hello Suzie,
If your friend is paying the mortgage against the property that means he owns the property but it has been pledged as a security to the lender.
He can sign a quit claim to your father-in-law but that will transfer the ownership and not the mortgage.
You have to talk to the lender about selling the home because lenders generally do not allow this while the mortgage is still unpaid.
If your friend is paying the mortgage against the property that means he owns the property but it has been pledged as a security to the lender.
He can sign a quit claim to your father-in-law but that will transfer the ownership and not the mortgage.
You have to talk to the lender about selling the home because lenders generally do not allow this while the mortgage is still unpaid.
Hi Suzie,
Your friend can quitclaim the property but he should let the mortgage lender know about it. And if you friend can be able to transfer the title to your father-in-law's name, your father-in law can sell the home.
Thanks,
Larry
Your friend can quitclaim the property but he should let the mortgage lender know about it. And if you friend can be able to transfer the title to your father-in-law's name, your father-in law can sell the home.
Thanks,
Larry
Don't most mortgage companies hold the home for collateral on a loan? Ours has a lien on our home and property, I did not think it would be possible to sell until the obligation was met and the deed and title were clear, how is this possible?