Quit Claim Deed

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samjack

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Hello,
I am in the process of selling a 2 acre house lot to a friend. This 2 acre parcel is part of my current residence that has many acres. My question is, can I do a Quit Claim Deed, sell this 2 acre parcel and not involve my bank or will this upset my bank and complicate my mortgage? Can my bank call up my loan in this situation? Thank you.
 
First off I am not an expert at all. The quit claim deed will not change or take off an applicant from the loan. So if your loan with the bank you are talking about includes your acreage that you are selling, and I'm guessing it does, then it would not work. What you are describing would keep the loan in your name but then give your friend rights to the property (or part of the property). No matter how good a friend he is I would think twice about doing this. I would say the best route would be to look at refinancing your loan and not including the part you want to sell as collateral. What you are suggesting I don't believe is possible.
 
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