Question by h8mongrel: Has anyone been taken off a mortgage note without refinancing or selling the house?
Best answer:
Answer by Bronwyn
One can only do that by filing a Quitclaim deed.
Know better? Leave your own answer in the comments!
Question by h8mongrel: Has anyone been taken off a mortgage note without refinancing or selling the house?
Best answer:
Answer by Bronwyn
One can only do that by filing a Quitclaim deed.
Know better? Leave your own answer in the comments!
Sorry, Bronwyn, but that’s not true. Filing a quit claim deed does not remove a person from a mortgage note. All it does is transfer away their ownership interest in the property. They are still responsible for paying the loan.
To h8mongrel, the only ways to get off a mortgage note are to pay off the loan by either refinancing or selling, or if the lender releases you (such as by allowing you to assign the loan to a new owner). Lenders are unlikely to release someone from a loan but you can always try calling them and asking.
Realestatelady is correct.
Unless your loan is assumable typically a lender is not motivated to remove you from the note. In most instances the lender will require the new party to obtain their own financing.
The only way you can come off a mortgage note is if you pay off or refinance the loan. A quitclaim deed takes you off of title, not the mortgage. You can die and still be on the mortgage note.