Posted on: 10th Sep, 2008 11:36 pm
to have mortage taken off of transferier
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 .
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 .
is there a time limit to file a quickcliam
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.
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.