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Old 11-01-2013, 10:57 PM
 
835 posts, read 2,524,011 times
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I am very disappointed to find this thread moved. I don't mean to sound rude, but I don't want advice from everyone around the country because obviously the laws are different in different states. I am specifically interested only in NC laws concerning this matter.

Thanks to those who replied. What is the difference between doing an assumption vs. a quitclaim deed or are they the same just called different things?

My husband is in full agreement to be released from the loan and deed so I don't believe the community property law will be an issue.

Last edited by Strongasabear; 11-01-2013 at 11:11 PM..
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Old 11-02-2013, 04:32 AM
 
Location: Southern California
4,350 posts, read 4,940,749 times
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Quote:
Originally Posted by Strongasabear View Post
I am very disappointed to find this thread moved. I don't mean to sound rude, but I don't want advice from everyone around the country because obviously the laws are different in different states. I am specifically interested only in NC laws concerning this matter.

Thanks to those who replied. What is the difference between doing an assumption vs. a quitclaim deed or are they the same just called different things?

My husband is in full agreement to be released from the loan and deed so I don't believe the community property law will be an issue.
I am not in NC nor know anything about NC or any other laws. Skip over this if you just want people with NC specific knowledge.

I haven't heard of a person assuming a deed, assuming a property, or assuming interest in a property, but have heard terms such as assuming a loan, and assumable loan.

They sound like different things. There is a loan which you are trying to assume. The lender has to approve the assumption, the assumption is not a refinance and the lender may carry guidelines and restrictions on the assumption. The loan terms may stay the same, rate, date due, adjustment periods, etc, if the loan is assumed by just you and he is removed.

The quitclaim is instrument which can be recorded in public record which describes his interest or lack or interest in a property.

It is funny how so many people say bad things about lawyers , yet so many people say seek an attorney, because I don't want to give legal advice.

This is not legal advice, seek a qualified professional for all matters.
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Old 11-02-2013, 09:38 AM
 
Location: Austin
7,082 posts, read 16,911,735 times
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A quitclaim deed will not remove him from the mortgage. If you stop making the payments, the bank can still go after him for repayment. Assuming the loan is basically purchasing the property in your name, so only your name is on the loan.
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Old 11-02-2013, 07:20 PM
 
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well only an FHA loan or an adjustable rate mortgage are "assumable" but truly an assumption will not remove the other person from responsibility for the loan what you need is a novation which is where the bank also removes the other party from being responsible for repaying the loan.
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Old 11-04-2013, 10:35 AM
 
Location: Kansas City North
3,629 posts, read 6,772,021 times
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In regards to the mortgage, why not call your mortgage co. and ask them what you need to do to get him off the loan? They have been asked this question before.
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Old 11-04-2013, 12:10 PM
 
Location: Boise, ID
8,013 posts, read 22,537,670 times
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To be clear, you likely need to do both a quitclaim and an assumption.

A quitclaim removes his ownership right to the house.

An assumption removes his responsibility to pay for the mortgage.

Neither one is enough by itself.

If your lender is not requiring a refi, and only an assumption, as it sounds like they are, it will likely be a much easier process than most, so good luck to you there.

I also would recommend an attorney, just because you are talking a high ticket item that I would hate to see handled incorrectly and have it come back to bite you 20 years from now when you try to sell.
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Old 11-04-2013, 12:13 PM
 
Location: Boise, ID
8,013 posts, read 22,537,670 times
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Quote:
Originally Posted by justinbro2002 View Post
well only an FHA loan or an adjustable rate mortgage are "assumable" but truly an assumption will not remove the other person from responsibility for the loan what you need is a novation which is where the bank also removes the other party from being responsible for repaying the loan.
I missed this post on my first readthrough. I've worked in a real estate office for 12 years and I've never heard of a novation. In my experience, assuming a loan changes the responsibility from the original borrower to the new borrower. I could be wrong. This is why an attorney becomes important.
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