Posted on: 25th Feb, 2008 03:12 pm
can a house be quit claim deeded over if there is a mortage on it still, even if my name is not on it.i live in florida
Hi Extreme,
Welcome to the forums.
The house can be quitclaimed even if there is a mortgage on it. But the title should have your name on it if you wish to quitclaim it to someone. Without having any ownership rights on the property, you cannot transfer such rights to another person.
Take Care
Welcome to the forums.
The house can be quitclaimed even if there is a mortgage on it. But the title should have your name on it if you wish to quitclaim it to someone. Without having any ownership rights on the property, you cannot transfer such rights to another person.
Take Care
in any case where there is a mortgage on property, the lender needs to be in the mix if you wish to change ownership rights. there is probably a "call" provision in the mortgage that would allow the lender to require you to make payment in full if you make such a change.
in all likelihood, especially in this environment, the lender would be willing to work with you; but the concern from their standpoint is that you could be adding an individual who is not creditworthy, and that could affect their collateral.
people do these things all the time (change ownership) without notifying their lenders, and undoubtedly don't suffer in every case; but if you review your loan documentation, i am sure you will find that there is a provision as i noted earlier.
in all likelihood, especially in this environment, the lender would be willing to work with you; but the concern from their standpoint is that you could be adding an individual who is not creditworthy, and that could affect their collateral.
people do these things all the time (change ownership) without notifying their lenders, and undoubtedly don't suffer in every case; but if you review your loan documentation, i am sure you will find that there is a provision as i noted earlier.
Hi Extreme,
Welcome to the forum.
You can quitclaim the property even if it is a mortgaged property as Sara and George mentioned above but you will have to inform your lender before signing the quitclaim deed. The new owner should tale the mortgage on his name as be refinancing it.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
You can quitclaim the property even if it is a mortgaged property as Sara and George mentioned above but you will have to inform your lender before signing the quitclaim deed. The new owner should tale the mortgage on his name as be refinancing it.
Feel free to ask if you have any further questions.
Best of luck,
Larry