Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Will I still be responsible for the mortgage after quick cla

Posted on: 30th Nov, 2006 03:43 pm
I have a problem paying for my house, a friend wants to take over the payment with a quick claim deed. I am already two months behind. Will I be responsible for any payments on the mortgage. He think because he will be paying the mortgage that the bank will put his name on the mortgage after six months, and transfer the loan to him. Is that correct?
hi,

through quit claim deed you can only transfer your rights in the property to your friend. even after you quit claim the property to your friend you will be held liable for the mortgage.

if you want to transfer the mortgage then either you will have to go for refinance or novation. novation is a process in which the mortgage gets transferred to a new borrower with the consent of the lender.

please feel free to ask if you have any more doubts.

thanks,
jerry
Posted on: 30th Nov, 2006 07:53 pm
Hi,
"Will I be responsible for any payments on the mortgage."
As Jerry said even after the transfer of the house by way of a quit claim deed you will remain liable for the mortgage payments. The liability will remain until the mortgage is refinanced or a novation done in yor friend's name.

I would also let you know that in very few situations lender agree to a novation and most chances are that the mortgage will need to be refinanced in his name.
Posted on: 01st Dec, 2006 08:48 am
Hi Aceakalee,

As far as I know, the company will not transfer the loan to your friend just because he"ll be making 2 payments. The company may like to know about his credit score and past records of any credit being taken and any payment made thereafter.

Thanks,

Caron.
Posted on: 03rd Dec, 2006 06:38 am
Page loaded in 0.047 seconds.