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cjfergie · Joined: 10 Sep 2008 Posts: 1 1.38 Dollars($)

If someone buys a home and then quick claims it over to you, will it be yours and you take over the mortgage or do they still have rights to it. I would like to buy a home in another state but own one here now so I will put the money down and the loan will be in his name as he can get it better than I can, and am wondering if he can quick claim to me right after the transition? Can this be done

adonis · Posted: Thu Sep 11, 2008 1:00 am Post subject:

Welcome cjfergie,

Even if someone quitclaims his home over to you, it's the ownership right that you receive. You cannot take over the mortgage on the house by a quitclaim transfer.

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Adonis - The new home not the current property, I want to keep my current property and rent it out and move to another one. I have good credit but he has better and would get a lower rate, but I want it. He would turn it back over to me after it is bought. I was told that you could quick claim right after it was bought and then it is mine not his. Is this correct?

sara · Posted: Fri Sep 12, 2008 3:22 am Post subject:

You mean after buying the home, the owner would quitclaim it to you? yes that can be done but the mortgage isn't transferred that way. To transfer a loan, you'll have to refinance the loan in your name. And, a refinance cannot be done as soon as you purchase a home. It takes at least 1 year of waiting period before you are allowed to refinance.

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

Yes it can be quitclaimed to you, but the originally borrower will still be responsible for the mortgage. This may be looked at as mortgage fraud so please consult an attorney.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

He could add you to title but cannot remove himself until he is removed from the mortgage. So my suggestion is to have you both on title and he will be on the mortgage until you are able to refinance it into your name only. At that time you can remove him from title and then it will only be in your name.

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Can you quick claim right after a home is bought?