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If you sign quick deed and take over mortgage payments can mortgage company default on loan?
Wiki User
∙ 12y ago
Two different things are happening here. One is the transfer of ownership rights via a "Quit Claim Deed" and the other is in regards to the mortgage.
They are two separate matters. Transferring the ownership rights of the property does nothing to the mortgage. However, the mortgage the original owner signed most likely had a "due on sale" clause in it which says the mortgage becomes "due" on the sale or transfer of ownership...meaning when the mortgage company finds out their was a transfer of ownership they have the right to 'call the loan payable in full".
This could be really troublesome for both old and new owner should no one have the money.
So, the answer to the question is "yes" they can.
A more "real world" world answer is the answer to another question, "Will they?"
The answer to that question is "unlikely" if they new payer is making the payments on time.
Given the high rate of foreclosures banks are not eager to add another default to the list, so one could expect to escape detection and default.
But I wouldn't recommend it...
Wiki User
∙ 12y ago
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What information is used to calculate quick mortgage quotes?
The main information required to calculate quick mortgage rates is the amortization period, which is the number of years the mortgage is taken out for, the total amount of the mortgage as well as the payments that you choose to make.
Does Orchard bank allow online payments?
Orhcard bank will allow online payments. The payments could be for anything. YOu can pay your mortgage, utilities, and even credit card. They have made enrolling very quick and easy.
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.
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Can a house be foreclosed on in a person's name who is not on mortgage but property is quick claimed to them and they quick claim property back into estate of deceased person name before foreclosure?
A mortgage in default can be foreclosed no matter how many times you quitclaim it around the family. Every person who receives the property by a quitclaim deed takes it subject to the mortgage. You may slow down the process a little and add to the costs of the foreclosure but the foreclosure rides on the person who had title at the time of the mortgage. THEY gave an interest in the property to the bank in exchange for cash. If the cash was not paid back the bank is going to take possession of the property. Subsequent owners only need to be given notice of the proceeding.
Can ex-wife refinance with a different mortgage company if the house has 2 mortgages on it the first mortgage is in his name only and the 2nd mortgage is in both names but both names are on the deed?
Yes, If the house was given to you in the divorcee. You will also need to have a quick claim deed done and he will need to sign it. Both mortgages will have to be included in the refi, because they are both tied to the property.
Which companies offer quick loans online?
One company that offers quick loans online is the company Quicker Cash. Another company that offers quick loans online is the company Personal Cash Advance.
If your house is in forecloure can your spouse buy another house while you file bankruptcy There was a quick claim done to get spouse name off of the title?
If two people owned property, executed a mortgage, and the mortgage is in default, the foreclosure will be filed in both names. It was both mortgagors who defaulted and both will be parties to the foreclosure. If one executes a quitclaim deed to the other that will not stop their being mentioned in the foreclosure.
Is quick trip a private company?
Yes quick trip is
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