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Old 10-18-2008, 06:46 PM
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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
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Old 10-18-2008, 06:50 PM
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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.
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Old 10-18-2008, 07:28 PM
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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.
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Old 10-20-2008, 03:26 PM
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Quote:
Originally Posted by rastengp View Post
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?
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