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Dee
Guest
0.10 Dollars($)
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 Posted: Wed Apr 23, 2008 10:21 am Post subject: Taking over payments |
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| Someone asked me to take over their mortgage payments for them and they would quitclaim deed the home to me. Is that possible? Would the mortgage company need to approve? |
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 larry
Joined: 27 Jun 2007
Posts: 2925
406.27 Dollars($)
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| Posted: Wed Apr 23, 2008 10:46 pm Post subject: |
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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 |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 818
Location: bloomfield, ct
51.66 Dollars($)
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| Posted: Thu Apr 24, 2008 1:35 pm Post subject: |
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dee, you wouldn't necessarily have to refinance the mortgage, but the person selling you this home is taking a big chance if you don't. with assumptions (and based on bank approval), the original borrower is still liable for payments until the loan is paid in full.
yes, this is possible overall; but as larry pointed out, the lender must approve of the transaction.
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George M. Akerley
Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net |
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Jeanette
Joined: 19 Oct 2007
Posts: 103
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
32.42 Dollars($)
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| Posted: Thu Apr 24, 2008 8:46 pm Post subject: |
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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
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Life is like a bull grabit by the horn |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1340
Location: florida
222.66 Dollars($)
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| Posted: Fri Apr 25, 2008 5:16 am Post subject: |
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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
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