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Pam

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PostPosted: Mon Sep 10, 2007 11:37 am    Post subject: quit claim
My ex fiancee and I own a home, we are both on the mortgage, he is quit claiming the house to me. I know I have to do a Real Estate Tranfer form and record the quit claim. We have agreed that I have 18 months to refiance and remove him from the title and mortgage.

two questions:
1) how soon after a quit claim is signed does it have to be recorded and the real estate form filed?
2) does the mortgage become DUE when a quit claim is filed?

thank you
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Icon Mini Profile miller_st
miller_st


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PostPosted: Mon Sep 10, 2007 12:31 pm    Post subject:
Quote:
2) does the mortgage become DUE when a quit claim is filed?


As there would be change in title from what it was at the time mortgage was taken the lender can call the loan due and ask for full pay off or be refinanced by the new owner.

You need to contact the lender to know if you'd be allowed to continue the mortgage payments until you are able to refinance in your name.

Miller
 
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Dave Barry

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PostPosted: Mon Sep 10, 2007 4:55 pm    Post subject:
Quote:
1) how soon after a quit claim is signed does it have to be recorded and the real estate form filed?


That can vary from one state to other. If you tell me which state you are in then I would be able to provide you more information on laws applicable in your state.
 
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PostPosted: Mon Sep 10, 2007 6:02 pm    Post subject:
Quote:
how soon after a quit claim is signed does it have to be recorded and the real estate form filed?


It is better to record the deed at the earliest. By recording it you are informing others that there was a change in ownership. If it is not recorded no body will be able to know that presently you are the new owner of the house.

Quote:
does the mortgage become DUE when a quit claim is filed?


Change in ownership normally does result in loan becoming due and payable. Before you go ahead with the transfer contact the lender and know if he would allow you to continue the payments under the existing loan terms or refinance would be required at the time ownership transfer occurs.
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Icon Mini Profile larry



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PostPosted: Mon Sep 10, 2007 8:44 pm    Post subject:
Hi Pam,

The time for recording the deed in your state may be different from the other state. It is not fixed. And if you do not refinance the loan at the time of transferring title ownership, then the loan may become due. So it will be better if you refinance the loan at the time of title transfer only.
 
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