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Does a quit deed relieve you of financial responsibility on a mortgage?
Wiki User
∙ 13y ago
No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.
Wiki User
∙ 13y ago
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Does a quitclaim deed remove you from financial responsibility?
No. A quitclaim deed changes the ownership interest in the property. This does not change or impact the loan note signed by the borrowers, both of whom retain join legal liability for the loan. Furthermore, most loan documents (usually the deed of trust or note) state that any changes to the ownership of the home without prior written consent of the lender constitutes a violation of the loan terms and may be considered a default.
Can a mortgage company revoke a quit claim deed?
If there is a mortgage, where both people have the responsibility to pay, they may opt to not accept the quit claim. Easiest thing to do is to refinance in one name.AnswerYour question needs more detail. A deed cannot be "revoked" by a mortgage company.
How much will it cost you to remove spouse from mortgage?
A quit claim deed will be rather inexpensive. However, the spouse can require payment to sign the agreement. You cannot remove them without their agreement and consent.Another PerspectiveA quitclaim deed will transfer the interest of the spouse in the property but will have no effect on the grantor's responsibility to the lender or the mortgage. Generally, the mortgage must be paid and refinanced in order to remove a spouse from any responsibility for paying the mortgage.
How can you become the owner of someone else land?
You can convey your interest in land by executing a deed that transfers your interest to a new owner. However, if you also signed a mortgage, conveying your interest in the land by deed will not affect your responsibility to pay the mortgage.
What relief can the mortgagee receive if 2 names on the deed but only one signed the mortgage and the person not on the mortgage moved out and left the expense to the one whose name is on the mortgage?
Regardless of whose name is on the mortgage the property legally belongs to the person or persons named on the deed. The mortgage is only a financial obligation, the deed is a legal ownership document. Of course, if the mortgage is not paid the mortgagor can file a foreclosure action against the property.
Does mortgage responsibilty fall on the daughters of their deceased dad if he gave them the house with a quit claim deed?
The mortgage is still a lien against the property. A quit claim deed does not affect the liabilities and liens, which are still the responsibility of the deceased, and therefore, his estate.
Can you add someone to morgagefrom the start?
The mortgage refers to the financing of the deed to a real property. A person cannot be on the mortgage unless they qualify for the financing. They can be on the title though and have no financial connection.
Can your mom buy a house for you if you filed bankruptcy?
Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.
How can I terminate my ex-partner's obligation on a mortgage loan without removing him from the mortgage loan as I won't be approved for a refinance if I have sole responsibility for the loan?
No you can not. The best you can do is take him off the deed by having him sign a quick claim deed. You will need to qualify for a refinance to get him off the loan.
Is a quitclaim deed the same as a mortgage deed?
No. A quitclaim deed transfers the property to a new owner permanently. A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.
You on the deed but not the mortgage. When partner dies what happens You are on joint tenancy with him on the deed?
You own the land subject to the mortgage.
Do you have to go through probate if your wife is on the deed but not the loan and the husband dies?
If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.
