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Quitclaim, Warranty or both

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Icon Mini Profile freemanblack





Joined: 07 Feb 2008

Posts: 1

1.27 Dollars($)
Post Posted: Thu Feb 07, 2008 2:00 pm    Post subject: Quitclaim, Warranty or both
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If I want to take my name off the title of the house but keep the mortgage in my name nly (as it now is), which type of deed do I need?
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Thu Feb 07, 2008 2:15 pm    Post subject:
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Hi freemanblack,

Actually the mortgage should be on the property owner's name. So I think the lender will not approve you to quitclaim until and unless your girl friend take the mortgage on her name.

In spite of that if you quitclaim to your girl friend without the lender's approval, he may claim the due mortgage in full under 'due on sale' clause.

Feel free to ask if you have any further questions.

Thanks.
Larry
Icon Mini Profile blue
blue




Joined: 21 Oct 2005

Posts: 1131
Location: MARYLAND
138.04 Dollars($)
Post Posted: Fri Feb 08, 2008 4:57 pm    Post subject:
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Hi,

I have given answer of an similar query at http://www.mortgagefit.com/deed/name-offtitle.html#44030

Please have a look of it.

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