isleseeya Posted November 27, 2007 Share Posted November 27, 2007 anyone have an experience with Quitclaim deeds ..i attached link to definition basically my parents name is on the deed to my home ...we want and they want their names to come off we have been told we should consider proceeding with a quitclaim deed my question is , if we go ahead with the quitclaim deed do we also have to redo my mortgage ( their name is also on the mortgage ) ? any and all help and advice is appreciated Link > Quitclaim Deed Quote Link to comment Share on other sites More sharing options...
chiefjay Posted November 27, 2007 Share Posted November 27, 2007 anyone have an experience with Quitclaim deeds ..i attached link to definition basically my parents name is on the deed to my home ...we want and they want their names to come off we have been told we should consider proceeding with a quitclaim deed my question is , if we go ahead with the quitclaim deed do we also have to redo my mortgage ( their name is also on the mortgage ) ? any and all help and advice is appreciated Link > Quitclaim Deed I think the mortgage is a separate situation then just getting them off the deed. We did one with my dad a few years back, pretty easy process if I recall, just two signatures at the Title office. He wasn't on our mortgage though so that wasn't a concern. My dad didn't want to come off the house, that was the tough conversation. He didn't take it well. A mortgage huddler will probably help better then I. Quote Link to comment Share on other sites More sharing options...
isleseeya Posted November 27, 2007 Author Share Posted November 27, 2007 Thanks Chief much appreciated my parents dont mind staying on the mortgage , its the deed they want off and we want to avoid redoing a mortgage if they come off the deed more info and answers truly appreciated on this TIA Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted November 27, 2007 Share Posted November 27, 2007 Thanks Chief much appreciated my parents dont mind staying on the mortgage , its the deed they want off and we want to avoid redoing a mortgage if they come off the deed more info and answers truly appreciated on this TIA No need to redo the mortgage at all...the quit claim deed costs like $165 or so and is filed with the county, very simple really... Quote Link to comment Share on other sites More sharing options...
chiefjay Posted November 27, 2007 Share Posted November 27, 2007 Now that I think about it, he was on the mortgage and we were refinancing and didn't want him on their anymore. We did the quit claim deed at the time of the refinance. Since we were refinancing we could do it, obviously if you are not refinancing you probably wouldn't be able to but as you have stated they don't want to either. Quote Link to comment Share on other sites More sharing options...
Big Country Posted November 27, 2007 Share Posted November 27, 2007 I asked about these a while back as a friend of mine was using quit claims and such to buy up homes heading to foreclosure. The quitclaim deed is nothing more than the signatory revoking any claim whatsoever to the property. However, as soon as you register it with the county, the bank may call the loan due as your parents are on the loan but are no longer laying claim to the property. I'd check with your bank/loaner prior to reegistering the quit claim to make sure it will not affect your mortgage in any way, or to possibly negotiate your parents name off of the loan. Quote Link to comment Share on other sites More sharing options...
Furd Posted November 27, 2007 Share Posted November 27, 2007 The execution of a quitclaim deed should not have any effect on a mortgage. If you don't want your parents on the mortgage, you'll have to refinance. Quote Link to comment Share on other sites More sharing options...
isleseeya Posted November 27, 2007 Author Share Posted November 27, 2007 Thanks all ..seems like a have a great chunk of info and best to check with my bank / mortgage company before proceedingt with this quitclaim deed Huddle comes through again Quote Link to comment Share on other sites More sharing options...
Furd Posted November 27, 2007 Share Posted November 27, 2007 (edited) To explain a bit, the mortgage is a loan secured by real estate. The mortgage, if properly recorded, is a lien and an encumberance on the land. Any subsequent owner of the land will take it subject to the mortgage, unless it is discharged. The mortgage debtor or debtors have the responsiblity to pay the loan. If they default, the bank can foreclose and sell the proprty - it doesn't matter who has title to the land. Edited November 27, 2007 by Furd Quote Link to comment Share on other sites More sharing options...
isleseeya Posted November 27, 2007 Author Share Posted November 27, 2007 To explain a bit, the mortgage is a loan secured by real estate. The mortgage, if properly recorded, is a lien and an encumberance on the land. Any subsequent owner of the land will take it subject to the mortgage, unless it is discharged. The mortgage debtor or debtors have the responsiblity to pay the loan. If they default, the bank can foreclose and sell the proprty - it doesn't matter who has title to the land. Understood and really clear now ..Thanks Furd Quote Link to comment Share on other sites More sharing options...
polksalet Posted November 28, 2007 Share Posted November 28, 2007 as for the deed itself it can br done on the back of a burger king napkin and written in "Indian" crayon and it is perfectly legal. Most states do not require deeds being filed to be legal. Quote Link to comment Share on other sites More sharing options...
yo mama Posted November 28, 2007 Share Posted November 28, 2007 as for the deed itself it can br done on the back of a burger king napkin and written in "Indian" crayon and it is perfectly legal. Most states do not require deeds being filed to be legal. No, they don't. But many states give legal effect to the deed that is recorded first - not the deed that was signed first. So recording is still generally recommended. Also, if nothing more than a deed is filed, depending on what state you live in, you may open yourself up to inquires from your local property tax assessor regarding a potential reassessment of the property's value for property tax purposes. Bottom-line: from a practical perspective you typically use a quit claim deed as a back stop where someone who *thinks* they have no interests in the property just wants to be sure, and thereby transfers whatever interest they have (if any), to resolve any ambiguity. From a legal perspective, the big difference between a quit claim and a grant deed is that the transferor generally does NOT warranty the title to whatever it is the quit claim deed purports to transfer. The grant deed does. Quote Link to comment Share on other sites More sharing options...
FredGSanford Posted November 28, 2007 Share Posted November 28, 2007 However, as soon as you register it with the county, the bank may call the loan due as your parents are on the loan but are no longer laying claim to the property. While this language may be buried somwhere in the body of the 10-15 page mortgage you signed, the odds of your mortgage holder doing this would be slim to none. As long as your payments are made on time your mortgage holder would have no reason to look into how the house is titled. It would be quite a long, arduous and wasteful practice if banks were to monitor the title activity of every mortgagor on their books. Execute the quit claim deed, have it recorded, make your payments on time and you will be fine. You can have a title company draw up the deed for about $40 (an attorney will charge you much more), and recording shouldn't be more than $20. Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted November 29, 2007 Share Posted November 29, 2007 The execution of a quitclaim deed should not have any effect on a mortgage. If you don't want your parents on the mortgage, you'll have to refinance. That's right. I will say this though - where money is nvolved (ie a mortgage), family or not, if I wwas your dad, there is no way I would allow my name to remain on a mortgage on which I had quitclaim my interest in the property being mortgaged. I had to quitclaim my rights to my house when I got divorced several years ago and I had quite a bit of exposure if she were to have defaulted on the loan - until she re-financed which was also part of the deal. Granted I didn't expect anything to go wrong, and fortunately it didn't, but it certainly could have. Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted November 29, 2007 Share Posted November 29, 2007 To be honest, as long as the mortgage payments are being made, the lender won't care about much else... Quote Link to comment Share on other sites More sharing options...
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