Q: If someone does a quit claim, how long does it take for you to completely be on the loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. and the other party is off the loan?
A: I think you may be a little confused about what a quitclaim deed is and what it does with regard to the mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home..
A quitclaim deed transfers any interest a person has in a piece of real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. to another person. I could give you a quitclaim deed to the Brooklyn Bridge, for example. Would you own it? No, because I don’t have any ownershipOwnership is the absolute right to use, enjoy, and dispose of property. You own it! interest in that piece of real estate.
But a quitclaim deed doesn’t have anything to do with the financing of a piece of property. So, let’s say I actually own a lovely house at 123 Bank Avenue, Anywhere, U.S. And, let’s say that I have a mortgage for $100,000 on the property.
If I execute a quitclaim deed granting you any interest I own in 123 Bank Avenue, you would then own the property. But what happens to the mortgage? It’s still there, and my name is on it. In fact, I’ve probably violated the terms of my mortgage, which require me to own 123 Bank Avenue as long as I still have a mortgage, since the property is the collateral for the loan.
You could try to refinance 123 Bank Avenue, and you might get away with it – in the short run. But a simple titleTitle refers to the ownership of a particular piece of property. search would turn up the existing mortgage lienA Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a contractor on the property that has not been paid for). For a lien to be attached to the property's title, it must usually be filed or recorded with a local county government office. to the property to my lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate..
Meanwhile, my lender could call the loan and force me to repay the lender the amount owing on the loan.
If you obtain title to the property by quitclaim deed or by any other deed, your name will never be “on” the loan unless you take out a new loan in your name. Unless the person that took out the loan in his or her name pays off the loan, that person’s name will remain "on" the loan until the loan is paid off in full.
For more details, please talk to a real estate attorneyA Real Estate Attorney is an attorney who specializes in the purchase and sale of real estate..