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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?

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

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

gmakerley · Posted: 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.

Jeanette · Posted: 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

Caron · Posted: 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

Guest

i have land but perhaps not good credit my dad ust given me 2 acer of land thisw lady only owe 20thousand on payments and her husbnad die sh states i can only give her 3 thousand and take over payments and can move it were i like because she paying lot payments and the trailor is only 268.oo month she paid 50 thousnad she said if iam not mistaken in interest and interest is all pay off. tell me how to do this her husband die last night and she will be ready january 1st "pcclyburn88@yahoo.com"

jerry · Posted: Wed Nov 26, 2008 3:33 am Post subject:

Hi Phyllis,

If you want to take over the payments of the trailer, then I think it will be better if you can do it officially. You should inform the lender and there are chances that the lender will ask you to refinance the trailer. Moreover, if there is a mortgage on the trailer, I don't think the lender will let you take away the property wherever you feel like. It will be against the rules.

Thanks,

Jerry

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Taking over payments