What are you looking for? 

Taking over payments

Author Message
Dee

Guest







0.10 Dollars($)

PostPosted: Wed Apr 23, 2008 10:21 am    Post subject: Taking over payments

Someone asked me to take over their mortgage payments for them and they would quitclaim deed the home to me. Is that possible? Would the mortgage company need to approve?
 
image
Icon Mini Profile larry



Joined: 27 Jun 2007

Posts: 2925



406.27 Dollars($)

PostPosted: Wed Apr 23, 2008 10:46 pm    Post subject:

Hi Dee,

Welcome to the forum.

This possible but the mortgage company needs to approve it. The home owner needs to inform the lender before quitclaiming the property to you. And then you need to take the mortgage on your name by refinancing. So talk to the lender ASAP.

Feel free to ask if you have any further questions.

Best of luck,
Larry
 
image
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

Joined: 09 Nov 2007

Posts: 818
Location: bloomfield, ct


51.66 Dollars($)

PostPosted: Thu Apr 24, 2008 1:35 pm    Post subject:

dee, you wouldn't necessarily have to refinance the mortgage, but the person selling you this home is taking a big chance if you don't. with assumptions (and based on bank approval), the original borrower is still liable for payments until the loan is paid in full.

yes, this is possible overall; but as larry pointed out, the lender must approve of the transaction.

_________________
George M. Akerley
Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net
 
image
Icon Mini Profile Jeanette
Jeanette


Joined: 19 Oct 2007

Posts: 103
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia


32.42 Dollars($)

PostPosted: Thu Apr 24, 2008 8:46 pm    Post subject:

Hello Dee,

When your friend the grantor quit claim the home over to you he/she has given you all rights pertaining to the property. The grantor, depending on the state, must quit claim the property over to the grantee by signing solo. Some states require a witness and a Notary present. You the grantee will obtain the interest, given by the grantor, in the property. To solidify everything you should refinance and put the note in your name. The deed is done with the quit claim and the note is done through refinancing. Please be aware that quitclaiming a property does not clear the title.

As everyone stressed please advise your lender of the change in owership.

Jeanette Smith
Mortgage Planner
Union Mortgage Group


J

_________________
Life is like a bull grabit by the horn
 
image
Icon Mini Profile Caron
Caron
Moderator

Joined: 19 Jul 2005

Posts: 1340
Location: florida


222.66 Dollars($)

PostPosted: Fri Apr 25, 2008 5:16 am    Post subject:

Well advised Jeanette.

Dee, the lender should be informed about the quitclaim and his approval is required. The person needs to check the loan doc for any penalty involved due to such transfer of property while he's still paying the mortgage.

good luck

_________________
Mortgage Shopping made easy with booklet
 
image
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






 
Highlights
Helpful References
Mortgage Terminology
Industry News
Book Center
Mortgage Guide
Shop and Compare lenders

Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool

 
About Us  | Contact Us  | Privacy Policy  | Testimonials  | Website Tools  | RSS Feeds  | Site Map 
We have chosen to apply the Creative Commons Attribution License to all works we publish.
This work is licensed under cc by 2.0