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Should I quit claim deed to the lender if I'm on the mortgage?

Should I quit claim deed to the lender if I'm on the mortgage?

Q: Can two people be on deed but only one on mortgage?

Yes, two people can be on the property deed while only one is responsible for the mortgage. This means that one person has ownership rights to the property, while the other is liable for the loan. However, this arrangement can lead to complications, especially if the mortgage is not being paid.

Q: What rights do I have if I am on the deed but not the mortgage?

If you are on the deed but not the mortgage, you have ownership rights to the property. However, you are not responsible for the mortgage payments. This means you can live in or sell the property, but you may face challenges if the mortgage goes into default, as the lender may pursue the borrower on the mortgage for repayment.

Q: Does a quitclaim deed stop foreclosure?

A quitclaim deed does not automatically stop foreclosure. While it may transfer ownership of the property, it does not relieve the mortgage obligation. If the mortgage is in default, the lender can still proceed with foreclosure unless other arrangements are made, such as a deed in lieu of foreclosure.

Q: What happens if you are on the deed but not the mortgage?

If you are on the deed but not the mortgage, you retain ownership rights to the property but are not responsible for the loan. This means you can live in or sell the property, but if the mortgage defaults, the lender can still foreclose on the property to recover the debt from the borrower.

Full question:

I am on the mortgage not the note. The home is in foreclosure. Would it benefit for me to quit claim deed to the lender ? I have no contact with the person on the note.

Category: Real Property
Subcategory: Foreclosure
Date: 04/07/2025
State: Florida

Answer:

You own the property but someone else is responsible for the loan (the note). The mortgage company may or may not accept a quit claim deed, which is known as a Deed in Lieu of Foreclosure. If the property is already in foreclosure, it may be less likely they will accept it. Additionally, since another person is on the note and you have no contact with them, transferring the property to the mortgage company could create complications.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Will a mortgage company accept a quit claim deed?

A mortgage company may accept a quit claim deed, also known as a deed in lieu of foreclosure, but it is not guaranteed. Acceptance often depends on the specific circumstances, including the status of the mortgage and the property. If the property is already in foreclosure, the lender may be less likely to accept it. It's advisable to contact the mortgage company directly to discuss options.

Can two people be on deed but only one on mortgage?

What rights do I have if I am on the deed but not the mortgage?

Does a quitclaim deed stop foreclosure?

How to write a deed in lieu of a foreclosure letter?

To write a deed in lieu of foreclosure letter, include your name, address, and loan details. Clearly state your intention to transfer the property to the lender to avoid foreclosure. Mention any relevant circumstances, such as financial hardship, and request confirmation of acceptance. It’s advisable to consult a legal professional for guidance in drafting this letter.