Posted on: 07th Feb, 2008 01:00 pm
If I want to take my name off the title of the house but keep the mortgage in my name nly (as it now is), which type of deed do I need?
Hi freemanblack,
Actually the mortgage should be on the property owner's name. So I think the lender will not approve you to quitclaim until and unless your girl friend take the mortgage on her name.
In spite of that if you quitclaim to your girl friend without the lender's approval, he may claim the due mortgage in full under 'due on sale' clause.
Feel free to ask if you have any further questions.
Thanks.
Larry
Actually the mortgage should be on the property owner's name. So I think the lender will not approve you to quitclaim until and unless your girl friend take the mortgage on her name.
In spite of that if you quitclaim to your girl friend without the lender's approval, he may claim the due mortgage in full under 'due on sale' clause.
Feel free to ask if you have any further questions.
Thanks.
Larry
Hi,
I have given answer of an similar query at http://www.mortgagefit.com/deed/name-offtitle.html#44030
Please have a look of it.
I have given answer of an similar query at http://www.mortgagefit.com/deed/name-offtitle.html#44030
Please have a look of it.