January 21st, 2010
does a quick claim deed removes the person name from the loan also. What is a quick claim deed exactly?
I know it means to give up a property to someone else but would it remove the previous owner name from the loan that bought the house.
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Filed under: Buy Property
No. The lender will need to allow their release from responsibility of the loan. And don’t hold your breath for that….You’d probably have to refinance.
All a quitclaim deed does is renounce any interest the person may have in the property. It doesn’t relieve them having to pay anything they owe.