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If there is only a quit claim deed on a property but only one name is on the mortgage what happens at the time of death under Colorado law?
Wiki User
∙ 19y ago
Ownership of real property is always determined by wording of the title. Mortgage/lending documents in most cases are not relevant. If the title has only one person named that person is the sole owner. Persons who are not married or related can hold title as Tenancy-in-Common w/o Survivor ship rights. TIC means each owner is entitled to possession of the property in accordance to the amount of interest they each hold. It does not need to be a 50%-50% ownership. Joint Tenancy is the most common means for married couples and family members to hold title. It grants owners equal entitlement to all property rights including those of survivorship. If the title does not prove clear ownership it will be adjudicated under state probate laws.
Wiki User
∙ 19y ago
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What happens if a piece of property you purchased by quit claim deed has a mortgage against it?
You must pay the mortgage or the lender will take possession of the property by foreclosure.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
Can an ex-wife place a mortgage lien to the property she already quit claim?
Normaly only if you have not recorded such quit claim...
Your name is on a quit claim deed but the mortgage is in another person name can the bank take your house?
Whoever granted the mortgage to the bank must have owned the property at that time. If they later conveyed the property to a new owner they breached their mortgage agreement with the bank and the new owner took the property subject to the mortgage. The bank can take possession of the property if the mortgage isn't paid.
House was quit claimed to you but you are not on the loan can you get a second mortgage just being on a quit claim deed?
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
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.
Does a quit deed relieve you of financial responsibility on a mortgage?
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.
How do i find out who mortgaged someone's home?
A property can only be mortgaged by someone that OWNS the property. A mortgage is a loan that is secured by the value of the property. I cannot get a mortgage on property that I do not own, since I have no right to that property. The mortgage company would be considered a lien holder- they have a claim against the property for as much as the unpaid amount of the loan. Lienholders will be listed on the deed to the property, which is recorded by the County Clerk or Recorder.
Can you sign quitclaim deed if you still owe mortgage company?
Quitclaim deeds do not release the person quitting claim from their obligations under a mortgage, although a quit claim deed is a step in the right direction. In order to remove the party who quits claim from the mortgage, you must refinance the mortgage in the name of the party to whom title or interest in the property has been conveyed. The credit scores, income and assets of the party quitting claim can no longer be used for the mortgage, and this has traditionally meant trouble for borrowers seeking to refinance to remove the party who quit claim. Quit Claim deed refinancing can be a complex situation, which requires sensitivity and specific expertise in handling refinance transactions pursuant to quit claim deeds.If you have received property or plan to receive property through the execution of a quit claim deed, for example in case of divorce, the only way to finalize ownership of property and mortgage in your own name is to refinance the mortgage once the property is deeded to you, however the overwhelming majority of lenders will not allow you to refinance property unless you have been on title to the property for at least 12 months..
Would it be better to use a Quit Claim or Warranty Deed to transfer a property to an LLC and would my bank have a problem with it?
If there is a mortgage on the property there is most likely a clause that will trigger a demand for payment in full if the property is transferred. You should check your mortgage document.
Are mortgage bonds secure bonds?
A mortgage bond is a bond secured by a mortgage on one or more assets and are typically backed by real estate holdings. In a default situation, mortgage bondholders have a claim to the underlying property and could sell it off to compensate for the default. However, the value of the property may decline.
Can you claim mortgage interest with quit claim deed if you are not on the mortgage?
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
