Posted on: 27th Mar, 2009 12:04 pm
My uncle purchased a manufactured home with his wife. Now he wants out of everything with no strings attached. If he signs a quick claim deed will he still be responsible for the loan?
Yes. He needs to contact the lender and ask for his liability to be released. Otherwise he may no longer have interest to the property but he is still liable for the note.
Yes. He will still be responsible if he is still on the loan. Removing yourself from the deed only removes you from any vested interest in the property, but you would still be liable for the payments.
By "out of everything" does that include the wife?
that struck me funny, billjames, but it's a cogent question.
