---

Quit claim with multiple people on Mortgage loan.

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Leslie Zimmerman Guest	Posted: Mon Jul 18, 2011 6:18 pm    Post subject: Quit claim with multiple people on Mortgage loan. Like 0 Dislike 0 I have a friend who desires to buy a property with all three of her sons. Each of them is putting an equal amount of down payment in order to qualify, so there will be 4 people on title and on the loan documents. If for some reason one of the parties wants to get off title and buy something on their own, could they do a quit claim deed? If so, would the remaining parties be required by their mortgage company to refinance and establish another loan without the one sibling on the title/loan? (The house will still have a substantial mortgage).
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jul 18, 2011 9:17 pm    Post subject: Like 0 Dislike 0 Hi Leslie! Welcome to forums! The person who wants to remove his/her name from the property will have to sign a quitclaim deed in the favor of others. If that person is on the mortgage, then others will have to refinance the mortgage in order to remove that person from the mortgage docs. Feel free to ask if you've further queries. Sussane

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

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