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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33717
Experience:  15 years real estate, Realtor. Landlord 26 years
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I purchased a house three years ago. I am on the mortgage

Customer Question

I purchased a house three years ago. I am on the mortgage loan; my ex-girlfriend and I were on the deed. We filed a quit claim deed to remove her name from the deed. Being that i was solely on the mortgage, does that affect my mortgage and the due-on-sale clause?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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No, since you aren't changing ownership entirely, just removing one party, that wouldn't affect the mortgage as that only would potentially kick in if there was a transfer to a completely new party with you no longer being an owner. But from a practical perspective, in 15 years of practicing real estate law, I have never seen a lender enforce the due on transfer clause even if it was to a completely new person as they only care about the payments being made by someone. The property still stands as collateral for the loan even if it was transferred to someone else entirely.

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Bot***** *****ne is that no, this doesn't affect your loan at all.

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thanks

Barrister

Customer: replied 1 year ago.
Should I notify my mortgage company?
Expert:  Barrister replied 1 year ago.

No, there is no reason to do so..

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thanks

Barrister

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