What is the procedure for taking over a mortgage after a quit claim?

A relative going through a bad divorce just needs to get out from under the property. I'm ignorant on the subject and need to do something quickly.What is the procedure for taking over a mortgage after a quit claim?
get a solicitor to draw up the required paperworkWhat is the procedure for taking over a mortgage after a quit claim?
The mortgage usually has a due on sale clause that will be triggered here. You can't just take over a mortgage unless it is assumable.





Best thing to do is get a change of address form and have it sent to you, start making payments with money orders and wait for the letter that says the full amount is due if you don't want to tell them. Work on qualifying for another loan if this is your plan of action, they will find out eventually most likely, although getting the money is of course their number one goal.





If you do want to tell them then call them up and see if you can qualify to assume it. Just because its not assumable doesnt mean they can't let you. It's their loan, they can do whatever they want. They may just want you to sign papers for a new loan in which case you will pay closing costs again and might be better off shopping around for the best deal.





You probably want to contact a lawyer for the best method and a cpa for tax advice for your particular situation. They will answer a few questions for free before they start charging you.