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jnstarb · Joined: 25 Aug 2008 Posts: 12 6.78 Dollars($)

My name is on the Warranty Deed and on the first page Settlement Statement of the HUD. But my name is not on the Mortgage, Note or any of the Loan pages. Will a Quit Claim remove me from all financial responsibility to the property? Property is in state of Florida.

Should I use a real estate lawyer for this?

Thank you.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jnstarb .

Welcome to the forums. to whom do you want to quitclaim, As you are not on the loan, you are not responsible to make the mortgage payments. so you can quitclaim to anyone. BTW you should take permission before quitclaiming the property from the other owners of the property.

"Should I use a real estate lawyer for this?"
It will be better if you have taken help from a real estate attorney so that he can help you to make the deed valid.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jheard · Posted: Tue Aug 26, 2008 8:52 am Post subject:

If you did not sign the note or take out the loan on the property, you are not liable. However, you likely gave the lender a security interest in the property, which means they can foreclose on the property in the event of default.

jnstarb · Joined: 25 Aug 2008 Posts: 12 6.78 Dollars($)

Thank you for your reply to my question.
I took another look at the documents and my name is on the mortgage, but is NOT listed on the Loan or Note. (sorry, but all this papers are confusing to me) Also I am NOT a co-signer on this Mortgage. I was only to be a joint owner. The other owner wants my name removed from any claim to the property. Will a Quit Claim also remove me from the mortgage or will I not need to that? If I do how is that done?
Thank you for your help.
jnstarb

cliff3 · Posted: Tue Aug 26, 2008 10:30 am Post subject:

Hello jnstarb,

A quitclaim deed will not remove your name from the mortgage. It will only relinquish your rights to the property. The other owner will have to finance the mortgage into their name only in order to remove your name from the current mortgage.

Let us know if you still have other questions or issues.

Good luck.

jnstarb · Joined: 25 Aug 2008 Posts: 12 6.78 Dollars($)

If I do a Quit Claim and my name stays on the mortgage what happens if the property goes into foreclosure and How will that effect me?

Thank you all for your input. This is the best site I've found for help on mortgage and related info!

Jessica · Posted: Wed Aug 27, 2008 5:53 am Post subject: RE:

Hi jnstarb,

Welcome to our community forums.

Thanks for appreciating our community Smile

If you sign on a quitclaim deed with your name still remaining on the loan, you will still be affected if the home is foreclosed. This is so because the loan doc still has your name and even though you quitclaim, you retain the liability to pay off the mortgage. But prior to quitclaiming, check out the loan doc as to what it says about any penalty regarding transfer of property, quitclaim or a sale. The lender may call the loan due upon transfer of your property interest.

Feel free to share your thoughts.

Regards,

Jessica

Posted: Wed Aug 27, 2008 6:24 am Post subject:

The reason your name is on the mortgage is because you owned the property - anyone with an ownership interest in the property has to sign the mortgage. You aren't responsible for the loan if you didn't sign the note.

Guest

1. How can I get another deed to my Dad's home for him?
2. What does quitclaim mean?
3. Do I have to have the deed in my hand in Florida to quitclaim? What all do I need?
4. What is the difference between mortgage, note, and loan.
5. The mortgage company told me there is equity in his house. What does that mean?
6. Is it risky to quitclaim right now with the economy the way it is?

jerry · Posted: Thu Oct 02, 2008 2:57 am Post subject:

Hi Azalea!

Let me answer your questions one by one-

1. If the deed has got lost, then you can visit the County recorder's office and request him to give a copy of the deed to you.

2. Quitclaim is a sort of deed through which a person is eligible to transfer the ownership of the property to someone else. This deed is best for gift transfers. The grantor (seller) of the deed may include a life estate clause in that deed and stay in that house till death.

3. A quitclaim deed will give you the ownership rights of the property. If you have that deed, you can legally live in that house.

4. Mortgage is a "written pledge that uses real estate to secure repayment of a loan". Loan is a "temporary provision of money" which is provided at an interest. It is a type of debt. A note is a "brief written record" or rather to say it is a "legal document which acknowledges a debt and also promises to pay".

5. Equity is the "difference between the market value of a property and the claims held against it".

6. Real estate market is always fluctuating. It may be down right now but it may go up in few days. It depends on the market and one should not be judgmental.

Thanks,

Jerry

Guest

When my husband and I took out a new laon thisngs were rocky so they told me to take may name off the ,oan but should still be on the deed of trust how do I find out if my name is still on the deed of trust or does this mean that I have no right to the house and property

jerry · Posted: Mon Oct 13, 2008 1:49 am Post subject:

Hi shortstuff!

Your name on or off the mortgage deed has nothing to do with your name on the deed. If your name is on the deed of trust you have the ownership rights. If your name is not on the deed of trust then you won't have any rights to the property.

You can check whether your name is on the deed of trust or not, if you have the documents related to the deed. You can also contact the attorney who help you in filing the deed of trust. Or you can also contact the county recorder's office to get a duplicate copy of the deed.

Thanks,

Jerry

Guest

Hello,
My mother-in-law has a situation where her husband, recently deceased, had both of their names on the deed, but the mortage was only in his name. Now that he has passed, is she liable for the mortgage ?
Thanks in advance

Niicss · Posted: Mon Nov 03, 2008 1:49 am Post subject:

Hi Janeymac,

She is not liable for mortgage but she can pay the mortgage to save the property. As now her husband is deceased, the lender may ask her to refinance the mortgage in her name.

Thanks.

Guest

I brought property with someone and he abonded the property how do i remove his name. Iam keeping the property. Had a quick cliam deed made and he will not sign. Can i take him to court and will they remove his name if he does not come.

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Name on Warranty Deed but not on mortgage or note