What Is a Mortgage Quit Claim Assignment?

A quit claim deed is used for transferring all or part of an individual's ownership of real property. Quit claim deeds are recorded in the jurisdiction, typically a county, where the property is located. Quit claim deeds are commonly used in divorce proceedings and dissolutions of real estate investment partnerships where a co-owner conveys her interest to another co-owner. Each individual transferring an ownership interest must execute and record a quit claim deed.

Quit claim deeds do not guarantee free and clear transfer of ownership; they only assign an individual's ownership interest in real property to another individual or entity. These deeds are commonly used in divorce proceedings or partnership dissolutions where one party transfers ownership interest in a property to a co-owner. Quit claim deeds include a legal description of the subject real property and the percentage of ownership interest being transferred. Quit claim deeds must be notarized and recorded for assigning all or partial interest in real property.

When you buy a home, you receive the title to a specific piece of real estate subject to a mortgage loan and other liens identified in public records of the county or recording jurisdiction where the property is located. Mortgage lenders sell mortgage loans for raising cash for making future mortgage loans. Ownership of your mortgage loan is transferred to a new mortgage company or investor using an assignment of mortgage or deed of trust identifying the mortgage document being transferred. Assignments contain an exact description of the recorded mortgage or deed of trust document for the loan being transferred. Any discrepancy in the description of the loan document or legal description of the property causes a failed assignment of the mortgage loan being transferred.

Mortgage lenders' assigning mortgage loans to new mortgage companies does not affect homeowners' title to their homes. If a co-owner relinquishing ownership through a quit claim deed is also a co-borrower on a mortgage, the mortgage company may require the remaining owner or owners to document ability to continue making mortgage payments. The terms of a mortgage loan typically require homeowners to notify their mortgage companies of changes in ownership or title to a mortgaged property. When mortgage companies assign mortgage loans to new mortgage holders, they must notify homeowners of the transfer and changes in contact and payment remittance information for the new lender.

Quit-claiming ownership to a mortgaged property does not remove your name from a recorded deed of trust or mortgage document, but it will remove your name from the title to the affected property. If a foreclosure of the existing mortgage occurs, the notices of default and sale refer to the original borrowers named in the mortgage or deed of trust whether or not they are currently owners of record. Seeking legal advice before quit claiming ownership in a mortgaged property can help with determining how to deal with mortgage loans against the property. Divorce settlements and existing mortgage lenders may require the remaining homeowner to pay off the existing mortgage and take out a new mortgage in his name alone.

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