Posted on: 18th May, 2006 10:18 am
I am on a mortgage loan and title of a house but my partner was not. We have since decided it is in my best interest not to have the house anymore. My partner decided to put in a quick claim and let someone else move in the home. Am I still responsible for the mortgage or taxes on the house?
hi,
now you need to understand that transfer of the title and mortgage are two entirely different matters.
through a quit claim deed you can transfer your interest in the house to some other person but that will have no effect on the mortgage and you will still be held responsible for it.
to remove your name off the mortgage you need to go for a novation or refinance the mortgage in the new owner's name.
consult an attorney to guide you in the process so that all the matters can be dealt efficiently.
blue
now you need to understand that transfer of the title and mortgage are two entirely different matters.
through a quit claim deed you can transfer your interest in the house to some other person but that will have no effect on the mortgage and you will still be held responsible for it.
to remove your name off the mortgage you need to go for a novation or refinance the mortgage in the new owner's name.
consult an attorney to guide you in the process so that all the matters can be dealt efficiently.
blue
Hi,
Welcome to Mortgagefit Forums.
I can understand your problem in refinancing with higher rates. An alternative to refinancing is going for a novation under the approval of your lender. Check the discussion we had yesterday to understand a little more on novation.
This will help you to get rid of the junk fees required in refinancing. You need to talk to your lender and discuss with him on the process. But don't forget to take suggestions from your divorce attorney while you go for settling the matters.
I think that will help your requirement. Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
Welcome to Mortgagefit Forums.
I can understand your problem in refinancing with higher rates. An alternative to refinancing is going for a novation under the approval of your lender. Check the discussion we had yesterday to understand a little more on novation.
This will help you to get rid of the junk fees required in refinancing. You need to talk to your lender and discuss with him on the process. But don't forget to take suggestions from your divorce attorney while you go for settling the matters.
I think that will help your requirement. Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
I am divorced and living in a different state then my property. I would like to quick claim my property over to my ex husband. Can creditors attach the home after my name is no longer on it? Is doing a quick claim deed easy? Thanks !!!
Hi
Quit claim deed is not that hard I mean the whole process the way most people think. The whole process is very simple and easy but it is always advisible to initiate the whole process under some lawyer or attorney supervision.
Quit claim deed is not that hard I mean the whole process the way most people think. The whole process is very simple and easy but it is always advisible to initiate the whole process under some lawyer or attorney supervision.
Hi Guest,
Welcome to the forums.
Creditors cannot attach the home after your name is taken off the property. But if you are thinking of transferring your property to your ex-husband, it is better that you do a title deed which will allow you to transfer the title. Whereas, with a quit claim deed you can only transfer your portion of interest in the property to your ex.
A quit claim deed or a title deed isn't that tough; all you have to do is to approach an attorney who deals in all such deeds. He will guide you for further course of action.
Thanks,
Caron.
Welcome to the forums.
Creditors cannot attach the home after your name is taken off the property. But if you are thinking of transferring your property to your ex-husband, it is better that you do a title deed which will allow you to transfer the title. Whereas, with a quit claim deed you can only transfer your portion of interest in the property to your ex.
A quit claim deed or a title deed isn't that tough; all you have to do is to approach an attorney who deals in all such deeds. He will guide you for further course of action.
Thanks,
Caron.
My husband loaned a friend money for his motorcycle. This person wants us to file a quick claim on his house in order to get the money he owes us. This person is shady and not holding up his part of the bargin in repaying us.
Hi Pam,
If the person is not paying you, you can take legal action against him for violation of the terms of the loan agreement. If he wants to quitclaim his property to you, you can take over the ownership of the property and sell it off to recover your loan amount, if required. But before taking the property ownership, you must also check if there exist any mortgages or other debt obligations on the property and if you will become responsible for them.
If the person is not paying you, you can take legal action against him for violation of the terms of the loan agreement. If he wants to quitclaim his property to you, you can take over the ownership of the property and sell it off to recover your loan amount, if required. But before taking the property ownership, you must also check if there exist any mortgages or other debt obligations on the property and if you will become responsible for them.