Posted on: 14th May, 2008 11:20 am
If I sign a quick claim deed does that mean my name is off the loan?
:? Unfortunately for you the answer is no. By signing a Quit-claim deed you relinquish rights to the property but you are still obligated on the loan. The only way to remove yourself from the loan is either by paying off the loan, or having it refinanced by the other parties involved. You might also consult the services of a Real Estate Attorney to get some detailed information.
Welcome krkr.
Even I agree with JuanHdez. your name will not be removed from the loan if you quitclaim the property to someone. The grantee to whom you have quitclaimed the property need to refinance the mortgage on his/her name to relinquish your mortgage liabilities.
Hey JuanHdez you seem to have very good knowledge about this industry. Please let us know something about you at http://www.mortgagefit.com/introduce-yourself.html
Hope you will enjoy participating here :)
Even I agree with JuanHdez. your name will not be removed from the loan if you quitclaim the property to someone. The grantee to whom you have quitclaimed the property need to refinance the mortgage on his/her name to relinquish your mortgage liabilities.
Hey JuanHdez you seem to have very good knowledge about this industry. Please let us know something about you at http://www.mortgagefit.com/introduce-yourself.html
Hope you will enjoy participating here :)
