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My question is about a quit deed claim I found out the other…

Good afternoon my question...

Good afternoon my question is about a quit deed claim I found out the other party who still owns the house did a loan modification on the property that now extends out the financial responsibility of the other party according to the bank the only one signature was required I'm wondering if that was legal to have the loan modification with only one signature on it of the party who lives in the property not the other party who signed the quit claim deed it has now extended maturity date out for an additional 16 years

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Answered in 8 minutes by:
6/25/2018
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 126,862
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

If the party who owns the house signed the mortgage that is all that is required to make him legally responsible for the mortgage, BUT it also allows them to put a lien on the property for the mortgage. As far as the person who received the quit claim, a quit claim only transfers interests the owner may or may not have at the time he signs the quit claim deed. However, if he never filed the quit claim to change ownership, the bank is entitled to allow the other owner to encumber the property and it would remain as a lien on that property. So, if the quit claim owner wants to clear the lien, they have to pay the mortgage to do so.

If the quit claim owner has an issue with this, then they could seek to sue the other owner for reimbursement for taking out the modification causing the quit claim owner harm.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 126,862
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
Law Educator, Esq. and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 1 month ago
The quite claim deed was signed and filed June 2016. Loan modification taken out and signed by other party who resides at that address. Both parties are oon the mortgage. How can that be done when only one signature was on loan modification? Yet mortgage holder says they are both liable for loan.
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Customer reply replied 1 month ago
Thank you

Thank you for your reply.

They cannot sign to bind you to the loan itself, you would have to sue the other person.

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