Posted: Fri May 26, 2006 10:51 pm Post subject: RE: Quit claim deed and mortgage liability
Hi Charles,
Welcome to our forums.
Even if you do a quit claim deed on your house, you are still liable for the money owed provided your name is on the mortgage document. Such a deed cannot help you get rid of the responsibility of paying off the home loan.
Know more about Quit claim deed from our resource on this topic.
Posted: Sun Jun 11, 2006 12:13 am Post subject: quick claim question
Can a quick claim and equity-loan BOTH be done at the same time. My finance' bought a house that he wants to add my name AND at the same time try to get an equity-line of credit; possibly 2nd mortgage.
Posted: Sun Jun 11, 2006 8:40 pm Post subject: RE: quit claim deed and home equity line of credit
Hi Edith,
A quit claim deed can be done on a property against which you have taken a home equity line of credit. Your fiancée can add your name in the title and at the same time take a second mortgage. Since your name will be on the title, so if your fiancée fails to repay the debt, you will be responsible for it.
Posted: Sun Aug 06, 2006 7:08 am Post subject: what advise can you give me?
My wife and I bought a condo with the majority of the down payment coming from me.I am 87 yrs and retired. My wife refinanced the mortgage without informing me.
Can she use the quit claim deed to have my name taken off the Title without my knowledge?..and if she has what steps can I take to have my share of the Condo?..
Thanks Victor
Posted: Sun Aug 06, 2006 8:48 am Post subject: RE: Get back title to the property
Hi Victor,
When people refinance their mortgage, each person on the title to the property must sign the documents prepared by the lender. Without the signature of any one, the lender cannot allow for the refinance.
I am quite surprised at how could your lender allow your wife to refinance without your knowledge as your name is also on the title. I think you should talk to the lender as soon as possible and find out what he has to say on this matter.
Regarding the quit claim, this kind of a deed does not guarantee transfer of ownership. So, it's not as effective as a warranty deed that is mostly used in case of real estate transfers. Even then I shall advise you to consult your attorney in this regard. He will be the right person to guide you in case your wife has already taken your name off the title.
Posted: Fri Aug 11, 2006 1:07 pm Post subject: ouick claim
Both parentts are deceased. I am living in their home. In the will home is left to my brother and myself. If we use quick claim does this give all rights to me?
If your brother quit claims then the deed will simply transfer the interest he has in the property to you and does not guarantee transfer of ownership.
Posted: Fri Aug 11, 2006 9:30 pm Post subject: RE: Transfer of all rights in property
Hi,
It is better if you sign a warranty deed as it guarantees transfer of ownership rights in the property. And, do not forget to record the deed at the Register of Deeds.
Posted: Sun Sep 03, 2006 7:42 pm Post subject: Quit Claim Deed
My husband's parent's bought our house because we had no credit at the time. We now want to file for the homestead exception. I have read your responses in regards to this matter. However, by filing a quit claim deed, do we really acquire any rights to the property since the property is still not paid for and the loan will continue to be under his parent's name? In other words, is the property title valid before the property is paid off, or do we have to wait until the property is paid off. Which one rules? I ask because we may consider selling the house in the future and don't know who would have to do what. Thanks for any information you can provide.
Posted: Sun Sep 03, 2006 8:24 pm Post subject: RE: Property rights after quit claim
Hi Kelly,
Welcome to the forums.
I guess your in laws will quit claim the property to you and your husband. Doing that, they will give you the rights to occupy a certain part of the property. You can very well stay there but the property title will not have your names. For that, you need signing a warranty deed or title deed.
Know more on quit claim from our section on this topic.
The property title is valid but you cannot sell the property until and unless you have paid off the loan. The property can be quit claimed to you but the liability of paying the mortgage still remains with the original borrower until and unless he/she transfers it to you through Novation.
Caron
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