Legal Question in Real Estate Law in Illinois
Do I have to requalify for my mortgage if exhusband does quit claim deed or Novation?
Asked on 1/30/11, 9:08 pm
1 Answer from Attorneys
That would depend on the terms of the decree,whether the novation voids out the due on sale clause, whethr the lender would even learn of the quit claim ,or care. My experience is that most lenders do not care about quit claims as long as payment continues. However, from a pure legal standpoint, a refinance is the safe way to go.
Answered on 1/31/11, 3:53 am