Quitclaim Deed Delete Payment Field For Free

In most states, there is a period of two years following the deed's filing date during which the quitclaim deed can be contested. If either the grantor or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.

Even if the owner did report to the bureaus, you'd have to be late on mortgage payments in order to negatively affect your credit, and you're not. A quitclaim deed conveys all your interest in the property to the person named in the deed.

If you draw up a valid quit claim deed and record it, you cannot "reverse" the transfer of property interest unless you prove to a court that it resulted from fraud or other illegal influence.

Quitclaim deeds transfer title but do not affect mortgages.If the grantor has quitclaimed the property with the belief that the grantee will make the mortgage payments, the grantor has no recourse if the grantee stops making payments or sells the property to another party.

In some instances, however, quitclaim deeds are used when the grantor has a mortgage. In this case, the grantor remains liable for the mortgage even after ownership has transferred through the execution of a quitclaim deed. Quitclaim deeds transfer title but do not affect mortgages.

Quit claim deeds give rights to property; however, the rights that are conveyed may be worthless. One person gives up whatever rights he has to another. The quit claim deed does not guarantee that the person giving up the right had any rights in the first place.

A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

Quit claim deeds are sometimes used to transfer properties to different entities for asset protection purposes.If you want true asset protection, the trick is to transfer the property correctly, so as not to flag the mortgage company.

A quitclaim deed can be an efficient way to transfer interest in a property. When you execute this transaction, the original owner can have their name removed from the deed and transfer the title and ownership rights to another party.