2006-10-22 04:25:40 · 9 answers · asked by lesli_azuquita 1 in Business & Finance ➔ Renting & Real Estate
To defeat a mortgage will require full repayment. Less than full repayment you can not convey a clear title to the real property- regardless of the deed used.
If you simply "quit claim" your interest to the property to another entity or person without the mortgage holders consent or payment in full of the mortgage, the mortgage holder will have to act to protect its interest and foreclose on the property.
If you are asking that if you issue a quit claim deed in lieu of foreclosure that will depend on if the mortgage issuer will accept it. If there are other leins on the property, they too will have to be resolved and that means either paid in full or allow the property to go thru the foreclosure process to allow the other lein holders an opportunity to move to protect their interests or step aside and allow the sale to happen and they take the loss.
If you are in trouble with the mortgage payments, call the mortgage company; they prefer to work with you not foreclose, foreclosure is expensive and usually avoidable. If selling and the buyer wants to "assume" they will need to make a full application to the lender same as a new loan, and if approved you need a full release from further obligation to the note. Otherwise you are co-signed on the property and if you transfered ownerhsip without repayment of teh mortgge and the expressed consent of the mortgage holder you are at great risk.
Never co-sign for anybody, pay off the mortgage at closing with sale proceeds, walk away knowing that you did it right. Do speak to an attorney that does real estate for the legal repercussions of your actions, or minimally contact a full licensed real estate broker for a solution.
2006-10-22 05:47:56 · answer #1 · answered by tnbroker1 3 · 1⤊ 0⤋
How many of the ignorant answers already given come from lawyers? And how do you know I am telling you the truth?
A mortgage company may accept a deed in lieu of foreclosure. It depends on the equity in the house, the market in your area and on the mortgage company.
There are scammers and get-rich-quick-scheme suckers who may try to get you to sign a deed to them without paying off the mortgage. DON'T DO IT!
2006-10-22 04:38:04 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
seems to me that a quit claim deed is merely to take one person's name off of a mortgage when 2 or more names are on it. I know of no other use. The word is "quit" meaning ending...not "quick".
2006-10-22 04:31:51 · answer #3 · answered by sophieb 7 · 1⤊ 1⤋
Its "quit claim". It does not transfer your mortgage...it transfers who owns the property. While you owe the debt (mortgage), it is a lien on the property itself also.
Once the mortgage company is aware that you have transferred ownership of the property...they will more than likely call your loan. If you do not pay at that time...they will foreclose and take ownership of the property.
2006-10-22 05:27:12 · answer #4 · answered by pokerden1 2 · 1⤊ 0⤋
No a quick claim deed only transfers ownership of the property it doesn't remove responsibility from the loan. Whomever you deed to would have to refinance the loan into his/her name to release you from your financial obligation.
2006-10-22 04:37:00 · answer #5 · answered by miss m 4 · 0⤊ 0⤋
Mortgages are contracts, and prefer all different settlement, at the instant are not assumable. you are able to no longer flow call with any style of deed in any respect till all the liens on a belongings have been paid off. a rapid declare is merely used by way of somebody who already owns the domicile, which includes a companion whilst they divorce, one provides their rights to the different party. they at the instant are not for 0.33 events.
2016-11-24 22:33:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no that's only if you want to take one name off you have to refinance to get out with the company you currently with or sell to a new owner
2006-10-22 04:32:07 · answer #7 · answered by careermom18 5 · 0⤊ 0⤋
I think that would be called Foreclosure.
Note...I am NOT a lawyer.
If I were, I might have a better answer.
2006-10-22 04:45:40 · answer #8 · answered by xtrapr 4 · 0⤊ 0⤋
no
2006-10-22 04:27:57 · answer #9 · answered by brilheaint 2 · 0⤊ 0⤋