quick claim deed

hi ps,

a quit claim deed is used to add or remove someone from the title/deed of the property.

so, you can get your husband's name added to the deed through quit claim. i don't think it will help his credit to improve which is related to outstanding loan balance.

regards,
blue

I purchased a home in 1992 in which I resided off and on for three years. My brother lived there for the duration and currently. Can i do a quick claim deed?

Hi Jford,

Welcome to MortgageFit Forums.

The transfer can be done through a quit claim deed through which your interest in the property will be transferred to your brother.

If there is a mortgage in the property then a quit claim deed will make the mortgage due immediately.

So, in that case it's better to discuss the matter with your lender before the quit claim.

Feel free to ask if you have more doubts.

God bless you.

For MortgageFit,
Samantha

My home is in my mothers name due to my bad credit, but i pay the mortgage every month. I'm trying to get the intrest every year, so do I have to do a quit claim deed. And if a quit claim deed is done, will the mortgage be still the same? Is it just that my mother is adding me to the deed?

Hi, Lewis

You got it right, putting your name on the deed will not put any such impact on the mortgage. And its good if you get it through this deed. It will make whole process more simpler for you.

lewis,

how long have you been making the mortgage payments? do you make them directly to the lender? the reason i'm asking is because it may be better for you from a write off position to go ahead and refinace into your name even if the rates a little higher it would greatly reduce your annual income tax burden.......being on the deed will not allow you to claim the mortgage interest as the note is not in your name. there are a few steps you would need to go through to refinance into your name but a good broker can walk you through it.

no it will not..........why would your rate double?

Hi Lynch,

Welcome to MortgageFit Forums.

Through a quit claim deed only the interest in the property ownership gets transferred and it has nothing to do with your mortgage.

I couldn't understand the intention of your mortgage company. They are probably misguiding you. I'm also not clear as why your rate will be doubled in refinancing.

I shall suggest you to check with other mortgage brokers and lenders in the matter.

God bless you.

For Mortgagefit,
Samantha

I purchased a home prior to getting married and now my husband and I are doing a debt consolidation loan. The company we are financing with has sent a quit claim deed form to be signed and notorized to finalize the loan. What does this mean to me and will this interfere with my first mortgage in any way?

Hi Cynthia,

I think the quit claim deed form has been sent to you to include your husband's name on the property as you are taking the debt consolidation loan in both of your names.

So they probably want the collateral i.e. your home to be in the name of both of you.

This has to be informed to the lender for your first mortgage as any change in the ownership through quit claim deed may accelerate the payment term.

I shall suggest you to consult a real estate lawyer and get his suggestions for the appropriate move.

James

My parents bought a house about 20 years ago fro 30 years morgage both are on the house deed. But my mother past away last year with no testament. My father wants to sell the house but I don't kow how does it afect it.

Your father will need to give the title/escrow company an original copy of the your mothers death certificate and that will be sufficient.