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If your friend and you want to have one of your names removed from a mortgage is a quit claim what you need? |
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ANSWER
No.
A quit claim is simply declaring that person has no interest (economic or otherwise) in the property. They are being removed from the title. A quit claim has no impact on the loan that is secured on the property.
Only the lender who owns the loan can release a party from the loan. For the most part a lender has no incentive to remove one person from the loan as that increased the risk to the lender for no benefit.
The traditional way to remove a borrower is to pay off the loan. The party that wants to continue to own the property refinances with the old loan being paid off.
Being on the property's title and being on the loan are two different things. A quit claim only impacts the title (ownership) and not the debt (the loan).
First answer by Bozidar. Last edit by JohnCorey. Contributor trust: 53 [recommend contributor]. Question popularity: 22 [recommend question]
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