Will quitclaim remove liability under owner financed property?

Real Estate 2 views 1 answers
I purchased a townhouse five years ago. The original note is owner financed with a seven year balloon. Note holder wants an additional sum for anyone to assume note which no one wants to pay. I have sold my townhouse (very difficult to sell) under a contract for deed which now has two year balloon and must be refinanced. I am buying a house - lender wants me to quitclaim and file the quitclaim with the Harris County Appraisal District. I think it is if filed the note holder will see the name change and could possibly call the entire loan due. I have explained this to the new buyer. Is there anything else I should do in this regard?

Attorney Answer

1
Mario Vasquez ·
You need to consult with a Real Estate attorney to review all of the documents in this matter in order to give you sound legal advice and present you with options, if any. You can search for such an attorney on 's tool, "Find a Lawyer." Good luck!
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