Posted on: 29th May, 2009 11:27 pm
Hello,
I have good credit and never late on my mortgage but i want to quickdeed my property because i am scared to live in it the neighborhood is very dangerous and it has gotten me down sick i am moving and don't want to have bad credit over this.
So if i quickdeed will i still have to pay the debt or will the loan transfer with the deed so it wont affect my credit?
I have good credit and never late on my mortgage but i want to quickdeed my property because i am scared to live in it the neighborhood is very dangerous and it has gotten me down sick i am moving and don't want to have bad credit over this.
So if i quickdeed will i still have to pay the debt or will the loan transfer with the deed so it wont affect my credit?
hi baynet,
you will have to pay the debt even if you quitclaim the property because a quitclaim deed will transfer only your ownership, it will not transfer your debt obligations. thus, if you sign a quitclaim deed it will not affect your credit, but if you default on your loan, it will damage your credit. if you want to get rid of the debt, someone else will be required to refinance in his/her name to release you from this liability.
you will have to pay the debt even if you quitclaim the property because a quitclaim deed will transfer only your ownership, it will not transfer your debt obligations. thus, if you sign a quitclaim deed it will not affect your credit, but if you default on your loan, it will damage your credit. if you want to get rid of the debt, someone else will be required to refinance in his/her name to release you from this liability.
Thank you for repling to my question, So.....
So for them to re-finance will they have to qaulify and go thur the loan processing procedures of having good credit etc..
Also will the home have to have some equity in it?
Also can the new owner on the deed rent out the house? and the payments go toward my debt(mortgage i owe? )
So for them to re-finance will they have to qaulify and go thur the loan processing procedures of having good credit etc..
Also will the home have to have some equity in it?
Also can the new owner on the deed rent out the house? and the payments go toward my debt(mortgage i owe? )
Hi baynet,
They will have to go through the normal qualifying procedures to refinance in their names. They need to have good credit and income, apart from meeting other qualifying requirements, in order to be able to refinance. The home will also need to have some equity in it. The new owner can rent the house and the payments can go towards your debt.
Let me know, if you have further queries.
They will have to go through the normal qualifying procedures to refinance in their names. They need to have good credit and income, apart from meeting other qualifying requirements, in order to be able to refinance. The home will also need to have some equity in it. The new owner can rent the house and the payments can go towards your debt.
Let me know, if you have further queries.
Thank you so much
Will anything come out good for the new owner?
like credit reporting? what will the new owner reap from this quickdeed?
If i default while the new owner is now on the deed, will they become in debt?
how will it effect their credit?
Will anything come out good for the new owner?
like credit reporting? what will the new owner reap from this quickdeed?
If i default while the new owner is now on the deed, will they become in debt?
how will it effect their credit?
Hi baynet,
If you default while the new owner is on the title to the property, his/her credit will not get affected because the person on the loan is you, not the new owner. However, I don't see any benefit for the new owner in this case, except for the fact that he/she will have an interest in the property and once the loan is paid in full, he/she will own the property free and clear.
If you default while the new owner is on the title to the property, his/her credit will not get affected because the person on the loan is you, not the new owner. However, I don't see any benefit for the new owner in this case, except for the fact that he/she will have an interest in the property and once the loan is paid in full, he/she will own the property free and clear.
can the new owner put the house up for sell?
And is the new owner responsible for taxes in the mean time?
I ask about the taxes because i pay them now with the principle & int and insurance.
who will know the new owner? the county office i'm sure what about the his/her credit can that help them in any way?
And is the new owner responsible for taxes in the mean time?
I ask about the taxes because i pay them now with the principle & int and insurance.
who will know the new owner? the county office i'm sure what about the his/her credit can that help them in any way?
if the owner is having the deed on his name fully (full equity) then surely he will be able to put it for the sale purpose. :arrow:
After you do quite claim deed your are still responsible for the loan. You are just transfering the property, not the loan.