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Does a quitclaim deed remove you from financial responsibility?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoOf course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.
Of course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.
Of course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.
Of course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.
Wiki User
∙ 12y agoOf course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.
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How can I have a son-in-laws name removed from a deed where he no longer lives and has no financial stake in the property?
You cannot remove someone's name from a deed. You would need to persuade your son-in-law to convey his interest to you by a quitclaim deed.
How do you remove yourself as co-borrower from a loan when property was quit claimed to another party?
The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.
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.
How do I remove my ex-husband's name from a timeshare special warranty deed?
The only way to 'remove' your ex-husband's name from your deed is for him to sign a quitclaim deed that conveys his interest in the timeshare to you.
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 a quit claim deed remove the person for life?
Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.
Is there a way to remove a co-signer from a mortgage without refinancing by using a quitclaim deed?
No.No.No.No.
Uses for quitclaim deed?
A quitclaim deed may be used to convey any interest in real property.
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.
What does 'trust deeded out to a quitclaim' mean?
Your phrase does not make sense. A quitclaim is a deed. A trust does not deed out TO a quitclaim. You need to clarify your question by adding more details.
