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quick claim..release of liability to a loan?

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parker Guest	Posted: Thu Mar 24, 2011 8:42 pm    Post subject: quick claim..release of liability to a loan? Like 0 Dislike 0 If I do a quick claim on a piece of property and the person receiving it is unable to finance soley by themself, will I be liable for the loan? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Mar 24, 2011 10:55 pm    Post subject: Like 0 Dislike 0 Hi parker, Signing a quitclaim deed will not release the loan. Unless the new buyer refinances the loan, you will be liable for paying off the mortgage in full. If you don't pay off the loan, the lender will come after you in order to recover the dues. Non-payment of mortgage will also have a negative affect on your credit report. _________________ Procrastination is the enemy of your financial success
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sat Mar 26, 2011 12:40 am    Post subject: Like 0 Dislike 0 Hi parker, Welcome to Mortgage fit, One more point to add this discussion is that.... Even if you quitclaim the deed to someone who is not eligible to refinance the loan then lender will immediately put a lien on the property and thus you will be liable to pay the remaining amount in single stroke which is even further big trouble ...So never attempt to do it.... Feel free to ask any further query if you have .... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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