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    Jimnfla's Avatar
    Jimnfla Posts: 1, Reputation: 1
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    #1

    Feb 17, 2009, 06:32 PM
    Quit claim deed
    My question for you is about a quit claim deed. I own a house in Port St Lucie fla. I live here with my partner. When we were buying the house, his credit was not high enough to qualify the both of us. So I bought the house. I want to quit claim him to the deed, but I am unsure if there will be any negative action from the mortgage company. Any thoughts about this issue.
    Thank you for any assistance. Jim Davis
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 17, 2009, 06:52 PM

    You need to read the terms of the loan, and talk to the mortgage company.

    Many have a clause that if you transsfer ownership the loan becomes due.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Feb 17, 2009, 06:56 PM

    Almost all mortgages have a due on sale clause. This allows the lender to call the loan if ownership changes hands.

    On the other hand, if you discuss this with the lender and your partner is willing to co aign the mortgage, they should be OK with it
    21boat's Avatar
    21boat Posts: 2,441, Reputation: 212
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    #4

    Feb 17, 2009, 08:06 PM

    Best bet is too call the mortgage Company and ask them. After all that's where the Quit Claim goes to to get you off the loan.

    I did this about 3 years ago to get My Ex wife off a loan. I was the primary on the loan ans she the co sign. The loan Lender is the only one that can answerer your question completely.

    A quit claim isn't a default on a loan. It's a matter of a name off a loan.

    The lender may or may not accept you off the loan if the loan isn't secured enough yet on value of loan basis to now a single person on the loan.

    Call them and they are used to this. This happens many times in business and the private sector.


    Signed 21 Boat

    If I Helped To Answer Your Question Please Rate My Answer
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Feb 18, 2009, 05:54 AM

    Comments on this post
    21boat disagrees: there isn't a co aign mortgage. Is co sign for the mortgage

    First, may I call your attention to the guidelines for using the comments feature found here:

    https://www.askmehelpdesk.com/feedba...ure-24951.html

    We do not take kindly to revenge ratings here. I gave you a negative rating because your answer dealt with unnecessary issues and showed you didn't read the OP carefully. So it was not an accurate answer. And, therefore, was a valid use of the feature.

    In revenge you gave my answer a negative rating over an obvious typo. And I also notice you edited your post to change the first quick to quit.
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