Legal Question in Real Estate Law in Wisconsin
Quick claim deeds
My husband and I bought jointly with another married couple a cabin, all 4 of us are on the mortgage, my husband and I have quick deeded over to the other couple, on our credit it still shows us as having the mortgage? The bank says we are still responsble for payments if the other couple does not make payment, what and why are we still tied to the mortgage, and can we ask the other couple or force them to refi into their own name before the ballon comes due which is in Sept 04, we are trying to refi our own house right now and have just found this out. Do we have any recourse??
1 Answer from Attorneys
Ownership & Mortgage are Different
Ownership is determined by how the real estate is titled. The Mortgage has nothing to do with ownership. It is a debt that is secured by the real estate.
These are two separate issues.
When you signed a quit claim deed you deed your property interest to the other party. However, like any loan, you remainobligated on the mortgage until that mortgage is satisfied. the only way to do that is to have the new owners refinance into their own names.
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