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Who is responsible for paying the mortgage after a quitclaim deed?
Wiki User
∙ 12y ago
The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
Wiki User
∙ 12y ago
Wiki User
∙ 14y agoThe persons who signed the note and mortgage are responsible for paying the mortgage. You cannot extinguish your obligation to pay a mortgage by executing a quitclaim deed of your interest in the property.
Consider the following:
Most mortgage documents have a 'due on transfer' clause that the mortgagor agreed to at the time of the signing of the mortgage. The bank must be notified of any transfer in interest or the mortgagor will be in breach of the agreement and it can demand that the debt be paid in full.
If the property is transferred, the mortgagor is still responsible for paying the mortgage. However, if the mortgage isn't paid the lender will take possession of the property by foreclosure and the foreclosure will be reported on the mortgagor's credit record.
If a new owner has agreed to take possession of the real estate subject to the mortgage the seller must notify the bank of the transfer of interest. The bank may require that the mortgage be paid in full and refinanced by the new owner. On the other hand the bank may agree to allow the new owner to assume the mortgage. In that case, the assumption agreement must be in writing and original mortgagor will be free of the mortgage obligation and no longer responsible for repayment.
If a person transfers their interest in marital property as part of the divorce separation agreement they must insist that the mortgage be refinanced as part of the deal. Otherwise, they will remain subject to the note and mortgage that they signed with the lender.
Wiki User
∙ 12y agoThe mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
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Who pays homeowner assoc. fees the mortgage holder or the deed holder?
The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.
You divorced- signed a quit deed and still remained on the mortgage. What happens when the ex-spouse dies?
In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.
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.
3 people have right of survivorship and one quitclaimed their interest to a new party Is this new co-owner responsible for that persons part of the mortgage?
If the joint owner who conveyed her interest was paying a third of the mortgage then her grantee would also be responsible for paying that share. The grantee in the quitclaim deed is a tenant in common with the other two joint tenants.
If the husband's name is never on the loan but is on the deed is he responsible for debt?
No. If he didn't sign the mortgage then he is not responsible for paying it.
Does the Deed holder on a home have full ownership even if their name is not on the mortgage?
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
Can you take your name off the deed but still be on the mortgage?
You could quitclaim your interest in the property to the co-owner, but you are obligated to pay the mortgage. In that case you would no longer have any ownership interest in the property but you would be fully responsible for paying the mortgage until it is paid off. If the co-borrower failed to pay the lender would seek payment from you. You should consult with an attorney who can review the situation and explain your options, responsibilities and the consequences of executing a quitclaim deed. See related question.
Does the grant deed already provide what a quitclaim deed would your mortgage company is asking for a quitclaim deed but you already have a grant deed Is it possible to get both?
The grant deed and quick claim deed are very different. It is possible to get both for the mortgage company. You will need to visit a title company for more details on your specific situation.
Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
Your husband is on title quit claim deed and mortgage is he responsible for paying mortgage?
Yes. He is the sole owner of the real estate and the sole owner of the debt.
Is there a way to remove a co-signer from a mortgage without refinancing by using a quitclaim deed?
No.No.No.No.
Who pays the taxes when there is both a deed and a deed of trust?
Generally, the fee owner of the property is responsible for paying the property taxes. That would be the grantee in the deed of conveyance. In this case the 'deed of trust' is assumed to be a mortgage.
