Legal Question in Real Estate Law in Georgia
Mortgage Ownership
If I own a real property and the mortgage is in my name and I quitclaim the property to a property management firm that I am part owner, will the mortgage automatically tranfer to the company? If not, am I personally responsible or the company if the loan defaults?
Asked on 4/07/04, 1:51 pm
1 Answer from Attorneys
Charles W. Field
Charles W. Field, Attorney at Law
Re: Mortgage Ownership
The mortgage does not transfer unless the loan company will agree to do this, which they hardly ever do. You are responsible in the event of a default.
Answered on 4/07/04, 2:17 pm
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