Parties A & B are tenants in common owning a house. Does lender care if party B quits claim from title?

Cnh
Cnh
Home Buyer
Los Angeles County, CA

Party B has never paid any morttgage and party A has never missed a payment.

Mon Aug 17 2009, 02:22 - Financing in Aliso Viejo - 2 answers
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Steve Ornellas: MBA, RE Masters, GRI, ABR, e-PRO, CMPS
Steve Ornellas:...
Broker
Fremont, CA

Cnh, Steven is correct, Title is completely different than the Promissory Note. Removing one from Title does not erase the financial obligation of the Promissory Note. If payments are missed, the credit of both parties will be affected.

Best, Steve

Web Reference: http://www.Steven-Anthony.com
Wed Aug 19 2009, 12:54
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Steven Abraham
Steven Abraham
Broker
Laguna Beach, CA
FIRST ANSWER

Cnh,
Based on the information you provided A & B signed a promissory note. This instrument is a promise to pay.
Party B can quit claim his or her interest to A, but is still responsible to the Lender.
Both parties are responsible to the Lender.
Steven Abraham
Prudential CA Realty
949.378.4005 Cell
lagunacastles@cox.net http://www.stevenabraham.com
Montage-Laguna Beach

Mon Aug 17 2009, 08:09
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