Quitclaim Deeds/ Existing Mortgage
Friends, what happens (or CAN happen) to the existing mortgage when a quitclaim deed is granted? Will the lender automatically call for the loan to be payed off? This would be in Florida. Thanks in advance>
Is there a difference between getting a property by quit claim deed and other types of deed transfer?
If it is in the family, is the quit claim a better way to go?
Thanks.
My goal was to save on transfer tax costs, closing costs when the house was to be sold soon.
In Florida it is very similar to what tbird56 said. A QCD has limited application and is mostly used in divorce cases and quiet title actions.