Tag: due on sale clause
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Does a Quitclaim Deed Remove You From the Mortgage?
No. A quitclaim deed transfers your interest in the property’s title. It does not change who is responsible for paying the loan. Those are two separate legal instruments, and signing one has no automatic effect on the other. This distinction trips up a lot of people — especially during divorce, family transfers, or buyouts between…
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Risky Business: “Subject to Mortgage” Sales Leave Floridians With Debt and No Deed
In Jacksonville, News 4 just ran an I-Team investigation on homes being sold subject-to a mortgage. These so-called sub-to deals are gambles, said the reporter. A sub-to real estate deal could be a valid method of selling your home in some situations. But this approach carries serious financial risks. Here, we look at how that…
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Q & A: Why Did I Get a Notice of Default on the Mortgage?
It’s that time of year again. Mortgage holders’ bank accounts face extra stress in many households. The 2024 tax bills are now due. So are estimated 2025 taxes for small business owners. When taxes are done, what if insufficient funds remain for the mortgage payment? Mortgage lenders send a notice of default (a.k.a. notice of…
