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Can one quitclaim mortgage to another?

Posted on: 22nd Nov, 2006 05:28 pm
Can you buy property using your credit and then quitclaim it to soemone right away and tack the property off your credit and put it on theirs?
Hi,

If the property is in your name and you take out a mortgage on it. Even after the quit claim is made, you will be responsible for the mortgage.

As quit claim can not transfer mortgage obligation in another person's name, for transferring the mortgage, it will need to be refinanced in anohter person's name.
Posted on: 22nd Nov, 2006 05:59 pm
Hi Kamilah,

You can definitely quit claim the property you have bought. But you cannot get rid of the mortgage even though you have transferred the property to someone else. For this, either they will have to refinance the loan in their name or else you can transfer the loan at the approval of the lender. But in order to carry out such a loan transfer, the person taking up the responsibility of the loan should have a good credit history.

Thanks,

Sara
Posted on: 22nd Nov, 2006 08:04 pm
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