Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

does a quit claim deed absolve you from mortgage liability i

Author Message
Icon Mini Profile mhowe180





Joined: 13 Jul 2008

Posts: 1

1.40 Dollars($)
Post Posted: Sun Jul 13, 2008 7:03 pm    Post subject: does a quit claim deed absolve you from mortgage liability i
Like 0
Dislike 0

does a quit claim deed absolve you from mortgage liability in the state of Florida. I'm getting a divorce and I wish to sign the house over to my wife. We both are on the mortgage and I wanted to know if I use a quit claim deed to sign over the house will I still be liable for the mortgage???? And if so how do I do we do it so I'm not liable???? I live in Florida is there diffrences in this state compared to others?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Sun Jul 13, 2008 9:45 pm    Post subject:
Like 0
Dislike 0

Welcome Mhowe,

The quitclaim cannot absolve you from home loan payments; you will still be responsible for the mortgage. Know more from http://www.mortgagefit.com/discuss/about2007.html .

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile brian1
brian1
Community Expert
Community Expert

best lender badge

Joined: 14 Jun 2008



Posts: 448
Location: Northern California
15.61 Dollars($)
Post Posted: Sun Jul 13, 2008 11:33 pm    Post subject:
Like 0
Dislike 0

No absolutely not. The only way to get off the mortgage is to pay it off. She can refinance into her name only otherwise you are on there until is paid.

Good Luck
Brian

_________________
Licensed Broker 50 states
http://www.aimwithfocus.com Live Chat available
Need quick advise email or PM Glad to help
Pre-approvals www.applyonlinesecure.com
JC1122

Guest







Post Posted: Wed Sep 02, 2009 3:32 pm    Post subject: WHAT ABOUT THIS?
Like 0
Dislike 0

What if the situation is a little different. My grandfather got a mortgage in his name and a condo in both our names. Before he was put in a nursing home, we quick claimed the condo to myself. I was never on the mortgage loan, so since he is no longer on the deed and i was never on the mortgage what is my liability and what happens to the condo if he doesnt pay the mortgage even though he doesnt technically own it?
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post Posted: Wed Sep 02, 2009 11:55 pm    Post subject:
Like 0
Dislike 0

Hi JC!

Welcome to forums!

Though your grandfather technically doesn't own the property, he owns the mortgage on it. The lender will have the right to foreclose the property if the mortgage payments are not made. However, if the lender forecloses the property, your credit won't be affected as your name is not on the mortgage docs.

If you want to stop the foreclosure process, you can contact the lender and refinance the loan in your name.

Feel free to ask if you've further queries.

Sussane
Form Script

Guest







Post Posted: Mon Oct 04, 2010 8:25 pm    Post subject: form builder
Like 0
Dislike 0

last week our group held a similar talk about this subject and you illustrate something we haven't covered yet, thanks.

- Laura
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool







We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.069 seconds.