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If you quit claim your property to someone and still owe a balance on the mortgage, if the mortgagor is not notified, are you violating any laws? I assume that a mortage company will not refinance the mortgage if the quit claim has been filed, correct? Thanks

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

As the mortgage documents are in the name of the borrower and lender has given the loan keeping the property as collateral, any change in ownership would result in violation of the contract.

Like | Dislike | Share | Posted: Thu, 04/05/2007 - 10:58 | Post subject:

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

Hi Kathy,
[quote:51045bee1b]I assume that a mortage company will not refinance the mortgage if the quit claim has been filed, correct?[/quote:51045bee1b]
Lender would agree to refinance the mortgage in the name of new owner if he can qualify as per lender's requirements.

robert espenson

Like | Dislike | Share | Posted: Thu, 04/05/2007 - 11:36 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kathy,

Welcome to Mortgagefit forum.

[quote:1a359dc96f]If you quit claim your property to someone and still owe a balance on the mortgage, if the mortgagor is not notified, are you violating any laws? I assume that a mortage company will not refinance the mortgage if the quit claim has been filed, correct? Thanks[/quote:1a359dc96f]
If the lender is not informed that title ownership has changed and somehow afterwards he becomes aware of it, he would immediately demand full pay off.

Colin

Like | Dislike | Share | Posted: Thu, 04/05/2007 - 12:52 | Post subject:

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

Well kathy,

I don't think there are any such laws but then if the mortgagee is not informed, then he can take legal actions. I mean he has the right to do so because he has invested his money and may expect you to keep him well-informed of any such property transfer through [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url].

To avoid any trouble, it is better to inform the mortgagee.

Like | Dislike | Share | Posted: Fri, 04/06/2007 - 06:38 | Post subject:

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

I am in the process of quitclaiming an investment property to the tenant to allow them the opportunity to purchase it. It has become too expensive for me to pay the mortgage on this property and maintain it, and I presently owe much more than it is worth on today's market. Do you know of lenders that will allow a re-fi for rate and term for the new owners without seasoning.

Like | Dislike | Share | Posted: Mon, 09/15/2008 - 17:59 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, there are a few lenders that will allow someone to refinance without being on title for a specific period of time.

Like | Dislike | Share | Posted: Mon, 09/15/2008 - 22:22 | Post subject:

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