Quit Claim

[laticca8]

What is the name of your state? TN

With a quit claim, does the "new owner" inherit the mortgage history as well? Does the lender recognize that there is a new person responsible for the payments and give the new owner a clean slate for the mortgage history?

[JETX]

Originally Posted by laticca8

With a quit claim, does the "new owner" inherit the mortgage history as well? Does the lender recognize that there is a new person responsible for the payments and give the new owner a clean slate for the mortgage history?

No... and no.
The obligation to pay the mortgage remains unchanged.

[laticca8]

So does the "new owner" have a right to refinance?

[JETX]

Originally Posted by laticca8

So does the "new owner" have a right to refinance?

The owner, just as in any other case, has the right to TRY to refinance... and see if he/she meets the lenders underwriting requirements.

[justalayman]

Originally Posted by laticca8

So does the "new owner" have a right to refinance?

The "right to refinance"??

The "new owner" unless paying cash will probably have a requirement to refinance unless the mortgage is written as an assumable mortgage.

The current mortgage may very well have a due on sale clause and will become due in full upon transfer of title. So the "old owner" will have to pony up the cash to pay off the mortgage.