Quit Claim in Hawaii

Asked by Jean, Hawaii Kai, Honolulu, HI Tue Feb 16, 2010

Two friends own condo. One friend (friend A) put up all cash for the down payment. The other friend (friend B) qualified for the loan. Title is "JOINT TENANCY".
Friend B wants to Quit Claim to the friend A and friend A will continue to make the mortgage payments. (But friend "A" can't qualify for the loan!) but friend A doesn't want to lose the investment so will continue to pay!
Is the mortgage company automatically notified? What if the Quit Claim isn't recorded?? Friend A will remodel the condo and live in it and make all payments. PLEASE HELP??? Thanks, Jean

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Katie Minkus,…, Agent, Hanalei, HI
Tue Feb 16, 2010
Aloha, Jean. My name is Katie MInkus and I'm the Broker-in-Charge for Hawaii Life Real Estate Services, LLC. To be perfectly honest, this question is out of the scope of a Realtor's expertise and to guide you in response to this question could be interpreted as practicing law without a license. You are best talking to a Real Estate Attorney about your situation. If you'd like the name of a few good attorneys on Oahu, please email me: katie@hawaiilife.com. Best of luck to you! Warm aloha, Katie Minkus, R(B). Broker-in-Charge. Hawaii Life Real Estate Services, LLC. http://www.hawaiilife.com
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