Does signing a quitclaim deed remove me from the mortgage?

Does signing a quitclaim deed remove me from the mortgage?

If you hold a conventional mortgage, the lender cannot both take the property and sue you for the outstanding balance. You and the lender both sign the Quit Claim. The Quit Claim states that you agree to transfer the ownership of your property to the lender and the lender agrees to release you from any debt owed.

Can you remove a name from a deed without refinancing?

If you want to remove a name from a joint mortgage loan, whether it is your name or the name of your co-borrower, it is possible to do so without refinancing. This situation might occur if a relationship breaks up or a living situation changes. However, each option has its downside and may not be successful.

Who files the quitclaim deed?

A quit claim deed tranfers ownership of a house or property to another person, often a family member or spouse. Filing a quit claim deed is a relatively simple process.

Can I prepare a quit claim deed myself?

You can use a simple form, called a quitclaim deed, to transfer your joint property ownership to either yourself, a family member, a former spouse, or even a trust. In using a quitclaim deed, you are able to make the necessary legal changes, allowing you to move on to your new beginning more quickly.

Can a family member take over a mortgage?

If you have the right to ownership and plan to live in the property, you also have the right to take over the mortgage. You can let the lender know and may need to supply a death certificate to prove that you’re now the rightful owner.