Legal Question in Real Estate Law in Maine
Mortgage implications after a Quitclaim Deed
If my mother writes a Quitclaim Deed to transfer ownership of her home to me, what are the mortgage implications? Do we have to refinance the existing mortgage to transfer the mortgage to my name? Who is liable for the existing mortgage?
1 Answer from Attorneys
Re: Mortgage implications after a Quitclaim Deed
Usually, in modern mortage documents, the change triggers a clause wherein the mortgage company can and usually calls for the immediate payment of the entire balance. You check/read the existing mortgage about this clause. If you cannot locate or identify it, you may seek to have the mortgage reviewed by an attorney. You may be able to make an arrangement with the bank to give you time. You may want to exercise another option. If you have any question, call my office on Monday.
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