Quick claim deed and loan on house by another party

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Icon Mini Profile kimberlybn




Joined: 20 Jan 2009

Posts: 3

1.83 Dollars($)
PostPosted: Tue Jan 20, 2009 10:01 pm    Post subject: Quick claim deed and loan on house by another party

I have a quick claim deed but my ex to be has a loan on the house. Who is responsible for the loan and is the house truly mine if there is money owed? Is he responsible for eth note or am I?
Icon Mini Profile Niicss
Niicss



Joined: 03 Oct 2005

Posts: 3234
Location: New Jersey
510.24 Dollars($)
PostPosted: Wed Jan 21, 2009 1:56 am    Post subject:

Hi kimberlybn

As the property deed is in your name, then you are the owner of the property. As the mortgage is in your ex's name he/she will be responsible for paying the mortgage. As there is a mortgage on the property, you do not have the title of the property free and clear. Once the mortgage is paid off, then you will be the sole owner of the property.

However, you should note that if your ex defaults the payments and if the property goes into foreclosure, then the property will be sold off but your credit will not be affected.

Thanks.

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