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becky
Guest
0.10 Dollars($)
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 Posted: Tue Feb 26, 2008 5:23 pm Post subject: what is the difference between a mortgage deed, quit claims |
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| we need to get out of debt fast and our inlaws have agreed to "buy us out" of our half of a duplex that we purchased together a few years ago. they still live in one half, we have moved out and are renting it out. can we legally get out of this mortgage with a quit claim deed? (this is what my inlaws are suggesting) or di i need a mortgage or grant deed? |
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 larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Tue Feb 26, 2008 5:38 pm Post subject: |
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Hi Becky,
Welcome to the forum.
Quitclaim deed does not release you from the mortgage. They will have to refinance the mortgage in their name.
Buy out means your inlaws will give you the money for your share of property. Make sure that they refinance the mortgage when you quitclaim the property to them.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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becky
Guest
0.10 Dollars($)
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| Posted: Tue Feb 26, 2008 5:51 pm Post subject: |
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| cant my inlaws just hold on to the current mortgage until the rates drop again? (our current mortgage is lower than what the rates are at now) |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Tue Feb 26, 2008 5:58 pm Post subject: |
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Hi Becky,
Welcome back.
That actually depends upon your lender. As long as your in-laws are paying the mortgage, the lender should not have any problems but if they default then you will also be responsible for the mortgage and your credit will also be affected.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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becky
Guest
0.10 Dollars($)
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| Posted: Tue Feb 26, 2008 6:24 pm Post subject: |
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| Thanks much for the info help, Larry. It is much appreciated! |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Tue Feb 26, 2008 6:33 pm Post subject: |
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Hi Becky,
It is my pleasure that it helps. I think you are going to get lots of more helpful replies too very soon 
Why don't you join this community? This is World's largest Mortgage Community where everyone is ready to help each other. I think you will enjoy participating in this community and at the same time earn some $$$
Best of luck,
Larry |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 297
Location: Houston, TX
55.52 Dollars($)
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| Posted: Wed Feb 27, 2008 8:49 am Post subject: |
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| I would treat it as a straight sale. Give them a grant deed and take a cashier's check from them. Use the proceeds to pay off the mortgage. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 818
Location: bloomfield, ct
51.66 Dollars($)
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| Posted: Wed Feb 27, 2008 11:00 am Post subject: |
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run with what jheard said...if your inlaws can buy you out with a sum sufficient to pay off that mortgage, so much the better. as larry mentioned, you could run the risk of having them simply continue making payments on the mortgage, but please note that i used the word "risk."
jheard's method is cleaner.
_________________
George M. Akerley
Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net |
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