time limit once quickclaim is filed

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Icon Mini Profile jbecker37

Joined: 10 Sep 2008

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Post Posted: Wed Sep 10, 2008 11:36 pm    Post subject: time limit once quickclaim is filed

to have mortage taken off of transferier
Icon Mini Profile adonis

Joined: 22 Oct 2005

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Post Posted: Thu Sep 11, 2008 12:54 am    Post subject:

Welcome jbecker,

What I'd like to say is that, a quitclaim deed (misspelled as quick claim) does not help one take his name off the mortgage.

Refer to a previous discussion on a similar topic at http://www.mortgagefit.com/search/quitclaim-deed.html#transferdebt .

Procrastination is the enemy of your financial success


Post Posted: Thu Jun 16, 2011 9:05 am    Post subject: quickclaim deed

is there a time limit to file a quickcliam
Icon Mini Profile gmakerley
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Post Posted: Thu Jun 16, 2011 10:56 am    Post subject:

No, not really, Willi.

As Adonis noted, a quit claim deed merely transfers an ownership interest in a property. The only way in which a name is "taken off" a mortgage is when a party (who remains as a homeowner) refinances an existing mortgage.

That action does not "take off" a name, but merely pays off the existing loan, which eliminates the person's obligation. The new mortgage, being in the name of the new, and ostensibly, only borrower will now be the only encumbrance on the property with that borrower as the only obligor.

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