Legal Question in Real Estate Law in Illinois
A Quit Claim deed with a mortgage
If a homeowner/owner of record has a mortgage, can that same owner of record give (a grantee) a legal and recordable quit claim deed. please help.
2 Answers from Attorneys
Re: A Quit Claim deed with a mortgage
Yes, but the lien remains with the property and most likely you signed paperwork when you got your mortgage that says in order to transfer your interest, you must pay them off in full.
Re: A Quit Claim deed with a mortgage
Sure. Heck you don't even need to own it. But the lien doesn't go away, and most mortgage contain restrictions on conveying any interest in the property. If you convey your interest, and the lender finds out, they may be able to demand the full balance due immediately. Please consult any attorney before going any farther.
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