To remove my brother in law from the mortgage loan why they are telling me to do the quick claimed deed?

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But why other people telling me to do the Ref-fi whats the deference between quick claimed deed and a ref- fi

  1. Reply
    January 24, 2011 at 8:48 am

    A quit claim deed will have ZERO effect on which persons remain on a mortgage. Such a deed is used when one or more persons are willing to give up any ownership interest in a real estate property. The person who signs the quit claim deed gives up his/her ownership interest. However, if the same person is a signer to the mortgage, he REMAINS obligated to the mortgage, even though he has relinquished his ownership interest.

  2. Reply
    January 24, 2011 at 9:25 am

    Acermill is 100% correct. A quit claim deed will not help remove your brother-in-law from the mortgage. All any kind of deed can do is transfer title. Who is “they?”

    Re-Fi means refinance. You get a new loan and mortgage in your name and use it to pay off the old loan and mortgage. That will work if you can qualify for the new loan. That gets him off the mortgage.

    But you also need to get him off the title. A quit-claim deed, (it’s not called a quick claim deed) will take care of that.

    It sounds to me like you need a lawyer. This is not really a do-it-yourself process. If you foul it up, it will be very costly.

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