What is this quit claim deed? If the house isn't yours until you refinance, how do you make the "owners" move? What if bank won't loan you money?
You send a bunch of homeowners your letters asking them if they'd like to have you on title and take over their mortgage payments, so they don't have a foreclosure on their record. What if no banks will give you a loan for what's left of the mortgage? Who gets to keep equity?
A quit claim deed is used to add or remove spouses/family members from title. You should not be purchasing a home via a quit claim deed because you will likely not get a clear title. You need to talk to a realtor and or attorney about what you are trying to do. Reach out to me if I can be help to you?
Hi Sandra. First and foremost, it is the person who took out the mortgage who bears the sole responsibility of clearing the balance when it comes due. Quit claim will not help you if there is a outstanding mortgage of the house. Please contact your local realtor for more information on how to proceed.
Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation."
Let's separate the two issues here:
Title- is the legal ownership of the property
Mortgage- amount owed on the property
You can "quit claim" your home to whomever you'd like, but the person that took out the mortgage is ultimately responsible for the balance due on the mortgage. Typically, a mortgage comes due when you no longer own the property; therefore if you "quit claim" the property, then YOU as the mortgage holder are responsible to pay the ENTIRE balance due on the current mortgage (could be several hundreds of thousands). It is VERY irresponsible for someone to "quit claim" their property without the recipient of the quit claim having financing in order. If you are receiving letters asking for a "quit claim" to your property, DON'T DO IT!
If you need any assistance, please contact me directly! As a Realtor, I can advise you as to the best thing to do with your property!
Nicole Fedorchek, Tarbell Realtors
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