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CindyBeal · Joined: 26 Apr 2009 Posts: 1 1.31 Dollars($)

hello we have a question on quitclaim. cindy

smithsussane · Posted: Sun Apr 26, 2009 8:10 pm Post subject:

Hi Cindy!

Welcome to forums!

Once you sign a quitclaim deed and transfer the property to someone else, you should ask that person to refinance the mortgage in his/her name. However, if you want to make the payments, you can let the mortgage remain in your name.

Sussane

Guest

WHAT IF A LOAN TAKEN OUT BY THE PRIOR OWNER USING THE PROPERTY AS COLLATERAL (IT WAS PREVOUSLY FREE AND CLEAR) GOES INTO DEFAULT? HOW DOES THIS AFFECT THE NEW OWNER, WHO IS LIVING IN THE PROPERTY, AFTER THE QUIT CLAIM IS PUT IN THEIR NAME?

jenkin7 · Posted: Mon Apr 27, 2009 12:29 am Post subject:

Hi CINDY,

If the loan is in the previous owner's name, your credit will not be affected even though your name appears on the title. This is because when the previous owner quitclaimed the property to you, he transerred the title only. The responsibility for the loan cannot be transferred through a quitclaim deed.

Guest

can the loan company try to sell the condo since it is collateral for the loan that the prior owner took out?

jameshogg · Posted: Mon Apr 27, 2009 9:41 pm Post subject:

Hi Cindy,

If the loan is not paid in full, then the property can be foreclosed upon by the lender.

Thanks

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how does debt on a property affect a quitclaim?