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Can you quick claim deed a property if you still owe the ban

Can you quick claim deed a property if you still owe the bank on it?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sammy,

You can quit claim property but bank should be informed and chances are that the loan will need to be refinanced by new owner.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

With a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] property title ownership changes from what was recorded at the time mortgage was taken by the current owner.

It depends upon whether your mortgage has a assumption clause or not, if it exists then mortgage responsibility can be assumed by the new owner. Another option is known as [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] in which mortgage can be transferred with the terms of mortgage remaining the same.

If both of these options are not applicable to you then lastly the mortgage will have to be refinanced in the name of the person getting title or be paid off.

Miller

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carnahandavid's picture
carnahandavid | Joined: December 21, 2006 04:07 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sammy,

You can quit claim but the mortgage will remain in your name and you will have to continue making the payments.

Quit claiming will only transfer property rights; it will not have any affect on the mortgage you had taken.

If you stop making the payments then lender will foreclose, and sell the property to recover his balance and as you had taken the mortgage your credit score will drop by quite a bit.

To have your name removed from the mortgage it needs to be refinanced in the name of the person who is now owner of this property.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sammy,

You can still quit claim the property but you need to contact the bank and inform it about the transfer.

If the bank allows for it, you will have to carry on with the loan payments.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:5407d192df]Can you quick claim deed a property if you still owe the bank on it?[/quote:5407d192df]
If you do not inform the bank that you want to quit claim property to someone and later on they somehow become aware that title ownership has changed then they will certainly call the loan due.

So it is better to inform the bank and see what they have to say.

Luc

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a first and [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] on my house but the bank will not let me combine by refinancing. If I quitclaim the deed to a family member will that force the bank to refinance and will the bank do both loans?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ABT!

Welcome to forums!

If your current lender is not allowing you to refinance both of them together, then you should contact other local lenders for refinancing. It is not mandatory for you to transfer the property to someone else in order to refinance the loan. BTW, did the lender gave you any reason as to why they won't let you combine both the mortgages?

Feel free to ask if you've further queries.

Sussane

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