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warranty deed subject ot debt

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A.S. Guest	Posted: Sat Dec 20, 2008 12:35 pm    Post subject: warranty deed subject ot debt Like 0 Dislike 0 If I were to sign a warranty deed subject to debt to transfer the ownership of a property over to my partner while my name is still on the mortgage, how would that affect my credit (if it is currently good), and taxes for myself?
jvanpetten Joined: 20 Dec 2008 Posts: 5 Location: Alabama (www.alabamamgt.com) 3.22 Dollars($)	Posted: Sat Dec 20, 2008 1:23 pm    Post subject: Like 0 Dislike 0 Most mortgages have a due on sale clause, you might want to look at your mortgage. The debt will show up on your credit unless you do a formal assumption with the lender. The taxes will show in the new owner's name once the deed is recorded and depending on your county/state when new tax rolls come out. _________________ Jan Van Petten Sr. Loan Officer www.alabamamtg.com
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Sun Dec 21, 2008 7:30 pm    Post subject: Like 0 Dislike 0 Hi A.S.! Welcome to forums! I agree with Jan Van Petten here. You should first check out the mortgage docs properly and look if there is a due on sale clause. If there is any such clause mentioned in the mortgage docs, your mortgage will become due immediately after you sell off the property. Sussane

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