Legal Question in Real Estate Law in Florida

Re: Quit claims and Mortgages

You must satidfy the underlying mortgage.

As long as the quit claim is in the chain of title, your lunder should be fine with it.

Re: Quit claims and Mortgages

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Yes....Obtaining title to property by a Quit Claim Deed is not an impediment to getting a new mortgage. Often, when title is transferred by a Quit Claim Deed between family members, a new mortgage is obtained in order to payoff the existing mortgage of the grantor(s). The new mortgage is then considered to be a refinance instead of a purchase money mortgage if the Quit Claim Deed was already recorded.

I strongly suggest that you retain a qualified real estate attorney to work with you thoughout the refinance process to provide legal assistance and guidance. You will find that the cost is often less than using a title company which only represents the lender and not you.

Scott R. Jay, Esq., 305-249-8000