quickclaim deed and forced re-financing??

suekatzel · Joined: 04 Sep 2008 Posts: 1 1.32 Dollars($)

My husband owns the house we live in with his friend, half and half. My husband wishes to give half of his half, through a quickclaim deed, to me. there is still a large mortgage on the house. will re-financing be necessary, or can we just file a quickclaim deed and finish the story??

jameshogg · Posted: Thu Sep 04, 2008 11:15 pm Post subject:

Ok, so you mean your husband wishes to add you to the title. I think that's possible without a refinancing being done. But who's on the loan? both your husband and his friend or either of them?

Guest 0.10 Dollars($)

My husband and his friend are on the mortgage loan. I would like to accept the quitclaim deed from my husband, giving me half of his half, but i dont want to be forced into a refinancing. Is he forced to get permission from the lender first, and then will we all be forced to refinance. I think this is called a "due on sale clause, even though this is not a sale. I spoke with a lawyer, who said "all the mortgage companies will make the loan amount due immediately." I absolutely do not want to be on the mortgage, so I would refuse to accept the quitclaim deed. Will we be forced to re-finance??

sara · Posted: Mon Sep 08, 2008 4:30 am Post subject:

Hi susan,

Welcome to the forums.

If your husband quitclaims his part of property over to you, chances are that the lender would ask you to refinance the loan in your name.

It's not that all mortgage companies make the loan due upon any transfer or sale. It has to be mentioned in the contract.

take care

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