Can lender recall mortgage because of quit claim deed

Can lender recall mortgage because of quit claim deed

Homeowner · Wooster, OH · Member since 2021 · 2 posts · 0 votes

I am in the process of buying a new home. In order to raise the down payment I am selling the home that I co-own with my brother. He is currently incarcerated, and there is a trust (which actually owns his half). The mortgage company for the new purchase does not want a trust listed on the title, though the mortgage is only in my name. We are considering going through with the purchase, and following that completing a quit claim deed that would include the trust. Can the lender then call the mortgage due in full> Any feedback is helpful. Thanks!

0Reply
25 views

2 Replies

Jump to latestLatest
  • Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Teresa K Sibert

    I would have your attorney review the current mortgage and see what their thoughts are. The safest way is to have something written from the lender that states a quitclaim is fine but the chances of that happening are pretty slim.

    • Homeowner · Wooster, OH · Member since 2021 · 2 posts · 0 votes
      5y
      Originally posted by @Charles Carillo:

      @Teresa K Sibert

      I would have your attorney review the current mortgage and see what their thoughts are. The safest way is to have something written from the lender that states a quitclaim is fine but the chances of that happening are pretty slim.

      Thanks for the input,  I appreciate it!

Join the conversationCreate a free account to reply, vote on answers and follow this thread.