Posted on: 01st Mar, 2007 12:19 pm
do mortgage companies give quitclaim deeds to heirs of the deceased mortgage owner
hi damofo,
the mortgage company will not provide you with a quit claim deed. after death of the borrower the heir who gets ownership of the property would have to pay off the loan or refinance it in his name.
the mortgage company will not provide you with a quit claim deed. after death of the borrower the heir who gets ownership of the property would have to pay off the loan or refinance it in his name.
Damofo,
Quit claim deed is used for transfer of property ownership. I do not know what you meant but after death of the original borrower the property gets divided among the heirs as per the instruction in the will. Those who receive ownership of property are required to pay off the mortgage or if lender allows get it refinanced in their name.
Colin
Quit claim deed is used for transfer of property ownership. I do not know what you meant but after death of the original borrower the property gets divided among the heirs as per the instruction in the will. Those who receive ownership of property are required to pay off the mortgage or if lender allows get it refinanced in their name.
Colin
Welcome Damofo,
If the deceased borrower has bought any mortgage insurance policy, then the heir may use it to pay off the loan.
If the deceased borrower has bought any mortgage insurance policy, then the heir may use it to pay off the loan.