If someone Quit Claim deeds their house to me, am I liable to pay the mortgage, or does it stay w them?

Answer 1

Quit Claim means they have given up their claim to the property. If they took out a mortgage (loan) to purchase the property then it is guaranteed by the property and the lender has a lien on the property.
If the loan payments are not paid then the lender can force the sale of the property to recoup their money. You will however, get anything left after the lien and fees are paid.
If the loan is assumable, Ex. All VA loans are assumable, then you might be able to qualify and assume the loan making you completely responsible for all aspects of the home.
If the loan is not assumable or transferrable and even if the payments are being made as agreed the lender can still "Call the Loan" making it due and payable in full, though they probably will not. We are going to start seeing a lot of foreclosures and the banks will most likely not go looking for any foreclosures on debt that is being paid back but you should be aware that they can.
One thing you can do is refinance the home which sounds strange since you never purchased the home but you can since the home is now yours. Most places will say that you have to have it for atleast 6 months before you refi and they will look to see that all payments were made on time for the past 6 months so if that is your intention then watch the payments. If there is atleast equity of 20% of the value then you should be able to refi with nothing down.

So, if you are asking this to determine if you just got a free home and the borrower just wiggeled their way out of paying the loan then understand that banks and lenders are smarter than that.

Answer 2

There are four types of deeds and then hybrids from them. The four major types of deeds are: Warranty Deed, Special Warranty Deed, Sherriff or Tax Sale Deed and the worst one is the Quit Claim Deed. Here is what a quit claim deed does.
A quit claim deed is a legal form of conveyance to a property, however, the person that creates and gives the quit claim does not guarantee the title, as a matter of fact; the intent in a Quit Claim deed is to say: "I hereby grant you only all of my rights 'if any' in the property" The operative words being "if any"
This means that if the grantor does not have any interest in the property then no interest in the property passes to the recipient. Whatever title the grantor does have will pass. In some states a quit claim deed from a party who had no interest in the property being conveyed is seen as granting the recipient merely a color of title. Further, and unlike a warranty deed the grantor using a quit claim deed does not warrant that they will defend the title against the interests that other people might have in the property or against any claims under any notes and or mortgages or other types of liens or encumbrances.
A quit claim deed is usually used for quieting the title to your property from adjacent neighbors, in divorce settlement agreements, or establishing color of title for adverse possession.
Never accept a deal in where you receive a conveyance by a quit claim deed unless you have ordered a committment of insurance (a title binder) on the particular transaction that you are contemplating, this will assure you know what you are getting besides the property or if you're getting the property at all.
It's the old I will sell you the Brooklyn Bridge deed.
Buena Suerte.

Answer 3

A quit claim transfers only the rights of the person signing the deed. It does not guarantee that other people don't have an interest in the property. If there are other owners, their ownership is not affected by the quit claim. If you are the only person the property was quit claimed to, then yes, you are responsible for paying the mortgage.

Answer 4

The mortgage will remain a lien on the property. Also, the bank can 'call' the mortgage since the previous owner has given up their right to the property. This could get very messy. You might need a Real Estate attorney asap!

Answer 5

A quit claim just relinquishes their interest in the property. They still are liable for the mortgage.

Answer 6

You have ownership of the home but the lender still has a lien on the property. The person who quit claimed the property to you is personally responsible for paying back the loan but if they don't make the payments then the lender can foreclose on your property. It is in your best interest to make sure that the loan is paid.

Answer 7

You will be liable if the loan is under your name. Why are they doing a quit claim?

Answer 8

No, but the mortgage company still can foreclose for non-payment and take the property.

Answer 9

if you want to own the home then pay. if you want to live in the home for a month or two till tha bank comes then dont.