Should I sign a quitclaim deed giving my interest to the primary borrower in order for the loan modification process to proceed?

I am currently a co-borrower for a mortgage and the primary person is currently doing a fee modification. I make no contributions to the mortgage payments so the lender is asking that I sign a quitclaim deed.

Asked on November 30, 2011 under Real Estate Law, South Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Whether or not you should sign a quitclaim deed to a piece of real property that you have an ownership interest in to a another person where if you sign the document you are giving up all ownership rights in the property would be best addressed with your own answer to the request.

If you want to give up all ownership rights in the property that you own for presumably no payment of any money by the other owner would be your own decision. Potentially your "gift" of the quitclaim could trigger tax issues for you. I recommend that you consult with a real estate attorney about the situation before signing any document.


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