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Quick deed?

What is a quick deed and is this a good idea if I want someone else to take over payments? by lcheng882 from Bainbridge, New York. Aug 26th 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

STOP! ~ DO NOT DO THIS! ~ STOP! First, ONLY the lender can determine if someone else can take over your payments. Second, assuming you still want to go through with this, and you remove your name from title, what are you going to do when the other person stops making payments? The lender comes back to you. You can choose to make the payments, but for what? You don't own the property anymore. So when the loan pays off, this other guy owns the property and you get nothing. Or you don't make the payments and the lender forecloses on the property and comes back to you for the deficiency, and you still pay, or you end up with a foreclosure on your record for the next 7+ years. Your other option? Try and sell to pay off the loan, but you can't sell BECAUSE YOU DON'T OWN IT ANYMORE. See where I'm going here? So I repeat myself. STOP! Do not do this! ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Aug 26th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,418 contributions

A Quit Claim Deed is a document that allows an owner of a property to add or subtract an owner to or from property. Next, you can not just officially let someone "take over" your loan payments. That is not allowed on most loans, and the few loans that do allow it require paperwork and permission from the lender. If you unofficially let someone take over payments, you are still on the hook for the loan, and is not a very wise move.

Aug 27th 2020
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