 | 
10-18-2008, 06:46 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 1
| | | quit deed property,how to get released from loan
What is the name of your state (only U.S. law)? AZ
I am currently joint owner on a home.I plan on quit deeding my half to my partner.what is required to be free of obligation for the loan.
Thanks |
10-18-2008, 06:50 PM
| | Senior Member | | Join Date: Nov 2005 Location: I don't know. The guys with the keys won't say. I think it's top secret info.
Posts: 7,355
| | | pay off the current mortage loan.
That is typically done by the purchaser refinancing the loan in their name only.
You can ask the lender if they will release you but chances are they will not and they have no obligation to.
__________________
My advice to you is to ignore my advice.
|
10-18-2008, 07:28 PM
| | Member | | Join Date: Feb 2005 Location: Elgin, IL USA
Posts: 958
| | | So it is best to handle the quit claim simultaniously with your partner closing refinancing in their own name. Otherwise you could end up still on the hook for the loan with no rights to the property being financed. |
10-20-2008, 03:26 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by rastengp  What is the name of your state (only U.S. law)? AZ
I am currently joint owner on a home.I plan on quit deeding my half to my partner.what is required to be free of obligation for the loan.
Thanks | **A: is partner paying off the loan in cash or through a refinance of the mortgage? | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
|
All times are GMT -5. The time now is 11:02 PM.
