Legal Question in Real Estate Law in Illinois
Loan Assumtion
If I have a mortgagee sign a quick claim does it give me authority to negotiate with the mortgage co. to resume the set payment schedule?
3 Answers from Attorneys
Re: Loan Assumtion
No. However, there is no reason that you can not negotiate to assume the loan. This is especially true if the mortgagee has failed to make the payments.
Re: Loan Assumtion
I think what you mean is to have the mortgagor, not mortgagee, sign a quit (not quick) claim deed. The mortagee is the lender, and the mortgagor is the borrower. If so, the answer to your question is no. And doing so would violate the due on sale clause in the mortgage. This means that if a quit claim deed is signed, the lender is immediately entitled to the entire amount due on the mortgage.
Re: Loan Assumtion
No. The mortgagee is still responsible for the mortgage. You can try getting the mortgage company to allow an assumption. But they have the right to deny it. Also, it is called a quit claim deed.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
