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Company Loan Type APR Est. Pmt.

quickclaim

Posted on: 16th Jan, 2007 02:38 pm
My boyfriend of 14 years sold me his house (we are not married), but the house is his and he is responsible in making the mortgage payment on the house, now he want me to sign a quickclaim under his name so he can get a loan and that way his going transfer the property under his name. I do not mind at all but if he does that, would I stil be on the loan debt? and will stil be resposible for the debt?

FV
Hi Valerfrncs,

Welcome to Mortgagefit discussion board.

"My boyfriend of 14 years sold me his house (we are not married), but the house is his"
Sold you the house but it is still his? Do you mean that no deed was recorded for the change of ownership of the house?

But if the house title was transferred in your name then you are the owner or a co-owner right now. If that is what you actually meant then you can quit claim the house or the part ownership you have over the house.
"I do not mind at all but if he does that, would I stil be on the loan debt? and will stil be resposible for the debt?"
If for the new debt you become a co-borrower then you will be responsible for the debt otherwise not.

Hope I made things clearer for you.

Thanks
Blue
Posted on: 16th Jan, 2007 02:50 pm
Was the mortgage in his name only or both of you were co-borrowers?

Loan Advisor
Posted on: 16th Jan, 2007 02:54 pm
hi valerfrncs,

welcome to our forums.

if your boyfriend wants to get a loan, he should have the property in his name and the loan documents should be signed by him.

he has asked you to sign over a quit claim deed so that he can get a loan. this implies that he wants to get the property in his name.

the question of your staying on the loan does not arise here because he is the one signing on the mortgage note and other loan documents. you will not be responsible for the debt until and unless you have your name either on the property or on the loan.

thanks,

caron.
Posted on: 17th Jan, 2007 02:22 am
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