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quitclaim

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Unsure Guest	Posted: Thu Aug 12, 2010 7:37 pm    Post subject: quitclaim Like 0 Dislike 0 My husband and I own a home out right in Ohio but have a home in Florida at we can not make the mortgage. If we quitclaim the Ohio house to someone else would that protect us from the bank putting a lien on that house? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Thu Aug 12, 2010 8:03 pm    Post subject: Like 0 Dislike 0 Quote: If we quitclaim the Ohio house to someone else would that protect us from the bank putting a lien on that house? Quitclaim deed is only used for the purpose of transferring ownership and not the liability to pay the mortgage.If you want to transfer the mortgage then the mortgage has to be refinanced by the new owner of the property on his name. So before quitclaim deed you must check out that the next person to whom you are planning to transfer the property is eligible to get the refinance of the mortgage. If you just quitclaim the property without refinancing then lender will just send you notice and your mortgage will be due to be paid in full cash amount of entire mortgage.So you will be in big trouble.SO without prior consent of lender and refinancing, quitclaim will not fetch any positive result to you. DIPA

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