Can you borrow money with a quick claim deed?

Answer by  patti (29325)

A QUIT CLAIM DEED is a legal instrument that merely transfers your interest in a property to another individual. It is common in divorce actions where one party relinquishes interest to the other party, based on a previous agreement. The QUIT CLAIM DEED has no value in terms of collateral.

Answer by  tamarawilhite (17883)

No. A quit claim deed states the other person has given up rights to the house. A quit claim deed does not change the original mortgage.

Answer by  tamarawilhite (17883)

No. A quit claim deed gives up your rights to a piece of property, such as a car or house. Never sign a quit claim deed - you give up the property but you are still on the loan and thus financially liable for the debt.

Answer by  Devin98 (487)

You should be able to borrow money against any property as long as you are the legal owner of the property.