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elg1 · Joined: 05 Aug 2008 Posts: 1 1.34 Dollars($)

What if two parties own a property and are splitting the payments to a mortgage lender ? If a quik-deed is signed does this absolve the other party of responsibility to the lender ?
Elg

cliff3 · Posted: Tue Aug 05, 2008 7:12 pm Post subject:

Hello Elg,

Whoever is listed on the mortgage loan is responsible for paying the loan.

A quitclaim will not release the obligated person(s) from any mortgage loan, or other lien secured against said property. Refinancing is the best means to achieve this. The grantee must refinance the loan in their name only.

Let us know if you still have questions or need additional help.

Good luck.

sweeney · Posted: Tue Aug 05, 2008 7:12 pm Post subject:

No, not if both parties names are on the mortgage. The quit just removes (or adds) a name from title, not the mortgage.

Guest

So in my situation, my name is on the mortgage but both my name and my husbands are on the title. If he signs a quit claim deed over to me then he no longer has rights to the property right?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Rose.

Welcome to the forum.

If your husband quitclaims the property to you then he will not have any rights on the property but as both you and your husband are on the mortgage you should refinance the mortgage on your name. So can you refinance the mortgage on your name? Have you informed the lender that your husband is quitclaiming the property to you?

Best of luck,
Larry

cliff3 · Posted: Tue Aug 12, 2008 5:52 pm Post subject:

Hi Rose,

Larry is right if both you and your husband are on the mortgage the right thing to do would be to refinance him off the mortgage. In addition, its always good to communicate with your lender what you are doing.

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