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Does a quitclaim deed exempt you from the mortgage responsibilty?
Wiki User
∙ 13y ago
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:
- The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.
- Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.
- If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.
- You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:
- The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.
- Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.
- If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.
- You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:
- The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.
- Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.
- If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.
- You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:
- The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.
- Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.
- If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.
- You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoAbsolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:
- The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.
- Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.
- If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.
- You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
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Is there a way to remove a co-signer from a mortgage without refinancing by using a quitclaim deed?
No.No.No.No.
If 2 people are on a home 1 signs over a quitclaim deed moves out and files bankruptcy will the other person loose the house do to the bankruptcy?
A quitclaim deed says the signer no longer has any ownership or responsibilities to the property in question. However, if there is a mortgage in the signers name, he or she is still responsible for that debt, even though they no longer own the property. If a person files bankruptcy after signing a quitclaim deed, any mortgage owed is still factored into the bankruptcy proceedings. If the court so deems it, and it is a common practice, filing a quitclaim deed just prior to filing for bankruptcy can be considered fraud. It is best to consult a bankruptcy attorney familiar with local laws prior to signing any document.
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 a quitclaim affect the mortgage?
Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Can you remove your name by deed transfer if you signed the initial mortgage with the lender?
You can effectively remove your name from a deed by executing a quitclaim on the property. However, this doesn't release you from paying the debt. If you were hoping to stick somoene else with the bill, no, it doesn't work that way.
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.
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.
Is there a way to remove a co-signer from a mortgage without refinancing by using a quitclaim deed?
No.No.No.No.
What happens if a person has a quitclaim deed and the original owners did not give up ownership of the property?
A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.
Is property transferred by quit claim deed in Tennessee considered a gift?
Not necessarily. You need to examine the deed to see if there was any consideration mentioned. A quitclaim deed can be used as a gift deed but every quitclaim deed is not a gift deed.Not necessarily. You need to examine the deed to see if there was any consideration mentioned. A quitclaim deed can be used as a gift deed but every quitclaim deed is not a gift deed.Not necessarily. You need to examine the deed to see if there was any consideration mentioned. A quitclaim deed can be used as a gift deed but every quitclaim deed is not a gift deed.Not necessarily. You need to examine the deed to see if there was any consideration mentioned. A quitclaim deed can be used as a gift deed but every quitclaim deed is not a gift deed.
How does a quitclaim deed work on refinancing your home?
A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.
Can you get your house back if you signed a quitclaim deed?
If you own property and execute a quitclaim deed transferring your interest. You no longer own the property. If the property is subject to a mortgage or if you made the transfer to avoid creditors you have complicated the title and created a problem for yourself but you cannot undo that deed. The grantee in that deed would need to convey their interest back to you. Transferring property that is subject to a mortgage will trigger the "due on transfer" clause. You should consult with an attorney.
Will the mortgage company require refinancing with a quitclaim deed transfer?
If you want to take your name off the property and mortgage, yes. Also, most modern mortgage documents contain a "due on transfer" clause. If you execute a quitclaim deed the bank can demand full payment of the debt immediately. You should speak with a bank representative to discuss the changes you want to make.
Can a quitclaim deed stop foreclosure?
No. The deed would only complicate the foreclosure process and cause an increase in legal costs. The mortgage takes priority over the deed since it was granted first. The grantee in the quitclaim deed would take the property subject to the mortgage. The foreclosure would still be filed against the mortgagor.
In Pennsylvania can a co-signer be removed from the deed by signing a quit claim deed?
Yes. Signing a quitclaim deed will divest you of your ownership in the property. However, it will not divest you of your obligation to pay the mortgage if you also co-signed a mortgage. Also, if there is a mortgage, changes in ownership may trigger a demand for full payment of the note. Review the mortgage document if there is a mortgage.
Can a warranty deed be reserve by quit claim deed after a death?
No. A warranty deed cannot be reserved by a quitclaim deed. Deeds convey real property.No. A warranty deed cannot be reserved by a quitclaim deed. Deeds convey real property.No. A warranty deed cannot be reserved by a quitclaim deed. Deeds convey real property.No. A warranty deed cannot be reserved by a quitclaim deed. Deeds convey real property.
Does the bank need to know about a quit claim deed?
Yes. If the bank has a mortgage on the property there is a due on tranfer clause in the mortgage that the property owner signed That means the bank must be notified of any transfer of ownership and it can demand payment in full of the mortgage if any transfer is made. A quitclaim deed would be a transfer of ownership.
