Posted on: 31st Jul, 2008 07:42 am
Me and my spouse agree that we would like to remove him from Title and Deed, but he will stay on the mortgage. Can I use a California Quick Claim form to do this and would it affect the mortgage situation....I don't think it would.
hi sucessman.
welcome to the forum.
you can use a quitclaim deed but you should take confirmation from the lender before your husband quitclaims the property to you. you may have to refinance the mortgage on your name as your husband is quitclaiming the property to you. so can you now refinance the mortgage on your name and afford the mortgage payments?
best of luck,
larry
welcome to the forum.
you can use a quitclaim deed but you should take confirmation from the lender before your husband quitclaims the property to you. you may have to refinance the mortgage on your name as your husband is quitclaiming the property to you. so can you now refinance the mortgage on your name and afford the mortgage payments?
best of luck,
larry
My husband & his brother own a home in tenants in common - we plan to buy him out - would the taxes change in California as the house is paid off and has been owned since the 1950's..Thanks
Hi sherry!
Welcome to forums!
As there would be an ownership transfer, there are chances that the taxes will be reassessed by the tax department. However, I don't think there would be drastic changes in the tax payments.
Sussane
Welcome to forums!
As there would be an ownership transfer, there are chances that the taxes will be reassessed by the tax department. However, I don't think there would be drastic changes in the tax payments.
Sussane
Would a quick claim have any advantage to me as it relates to a bank submitting form 1098-A or B to the IRS?
Note, Property has been sold for $60,000.oo (mortgage was $150,000.oo).
Note, Property has been sold for $60,000.oo (mortgage was $150,000.oo).
Welcome phil,
You will have to sign the quitclaim deed in order to transfer the property to the lender at the time of foreclosure. If the deficient balance is forgiven, then you will receive the 1099c form from the lender.
You will have to sign the quitclaim deed in order to transfer the property to the lender at the time of foreclosure. If the deficient balance is forgiven, then you will receive the 1099c form from the lender.