Posted on: 22nd May, 2006 04:56 pm
hello,
in order to get my name off a mortgage of a property which i signed a quit claim deed, the banker refused to refinance the other party but stated there is a way to get the debt not to show up on my credit report but yet i am still responsible for the mortgage? what is this process called, do you know? i am planning to meet with this banker in a few days but i sure would like to know a little bit about it before i meet with him.
thank you for your time. :?
in order to get my name off a mortgage of a property which i signed a quit claim deed, the banker refused to refinance the other party but stated there is a way to get the debt not to show up on my credit report but yet i am still responsible for the mortgage? what is this process called, do you know? i am planning to meet with this banker in a few days but i sure would like to know a little bit about it before i meet with him.
thank you for your time. :?
MY MOTHER IN LAW WANTS TO GIVE US HER HOUSE, MY HUSBAND AGREED TO MAKE HER MORTGAGE PAYMENTS . SHE CAN NO LONGER AFFORD THE HOUSE BECAUSE OF LOSS OF INCOME, WE HAVE HELPED HER WITH A FEW OF HER PAYMENTS. OUR CREDIT IS NOT GOOD . HOW CAN SHE TRANSFER HER LOAN INTO OUR NAME
welcome dalores,
in order to transfer the mortgage in your name, you and your husband will have to refinance the property. however, if your credit is not good, lenders will not be ready to refinance the property. there is another process of transferring the mortgage which is known as novation but you should note that lenders prefer refinance over novation.
in order to transfer the mortgage in your name, you and your husband will have to refinance the property. however, if your credit is not good, lenders will not be ready to refinance the property. there is another process of transferring the mortgage which is known as novation but you should note that lenders prefer refinance over novation.
Hi. Maybe some of you who are reading this thread can help.. I added my son free-of-charge to my GMAC account several months ago. They did not run his credit or ask for any income from him. We simply just did a quitclaim and signed a new deed and he was added.
Costly mistake!! He wanted to improve his credit by assming as a coborrower but it was not working and he was recently married and plans to buy a home with his wife so he does not want this mortgage on his redit...
Now GMAC won't reverse this without paying a costly $900 assumption fee or to refinance (which is not possible because we are slightly underwater)..
Anyway, does this sound right? They give me the excuse that to reverse the procedure (release liability) is a different story..
I think its a bunch of excuses and a way for them to trap my son into this loan and make a large amount of money just to process the same paperwork..
Costly mistake!! He wanted to improve his credit by assming as a coborrower but it was not working and he was recently married and plans to buy a home with his wife so he does not want this mortgage on his redit...
Now GMAC won't reverse this without paying a costly $900 assumption fee or to refinance (which is not possible because we are slightly underwater)..
Anyway, does this sound right? They give me the excuse that to reverse the procedure (release liability) is a different story..
I think its a bunch of excuses and a way for them to trap my son into this loan and make a large amount of money just to process the same paperwork..
Hi
Adding a person to the mortgage and releasing him/her from it are two different thing. You can remove your son from mortgage only through a refinance and you will be required to pay various fees to do so.
Adding a person to the mortgage and releasing him/her from it are two different thing. You can remove your son from mortgage only through a refinance and you will be required to pay various fees to do so.
My wife and I own a townhouse bought in 1986 for $97,000. Both our names are on the mortgage and deed. In January 2009 the property was assessed at $304,000. My question is: we live together in the townhouse, but are in the process of separating. She has A++ credit and I have declared bankruptcy Ch.7 in 1994 and 2007. I wish to voluntarily have my name deleted from all related mortgage documents giving her sole ownership of the property and mortgage also. We have agreed to a 65/35 split on the current market valuation. She would pay me a 35% share after refinancing to remove my name. We both agree about what we wish to do. Now the question is- How do we accomplish this without spending thousands of dollars on attorneys fees? We are arguing about this. She just wants everything related to the townhouse solely under her name. How does she get the funds to "buy me out?"
hi lee,
i believe you have been discharged of chapter 7 bankruptcy. right? well in that case, you can get your name off the title by signing a grant deed or a quitclaim deed and then have your wife refinance the mortgage in her name. she needs to do a cash-out refinance to buy you out. however, before you sign over your interest, make sure you get it from her in writing that she would refinance the mortgage in her name and pay you the money. otherwise, she may deny to refinance or give you the money once the property is transferred in her name.
thanks,
jerry
i believe you have been discharged of chapter 7 bankruptcy. right? well in that case, you can get your name off the title by signing a grant deed or a quitclaim deed and then have your wife refinance the mortgage in her name. she needs to do a cash-out refinance to buy you out. however, before you sign over your interest, make sure you get it from her in writing that she would refinance the mortgage in her name and pay you the money. otherwise, she may deny to refinance or give you the money once the property is transferred in her name.
thanks,
jerry
My grandfather gave me a handshake deal of my inheritance as his house in 2002.
He got a loan in his name to fix it up. We built him a grandpappy house and things went south by 2006 I moved out and he quit making the payments. He claims it is his because he is on the loan, but the Deed of Title is in my name.
Since 2006 there's been people moving in and out but not paying rent and I want to evict everyone, put him into assisted living, and get a new mortgage to save the house from forclosure.
My granpa is 80 and suing the lender for a 'bad loan'.
Can I legally evict the three families living there and get a new loan to save my inheritance??
He got a loan in his name to fix it up. We built him a grandpappy house and things went south by 2006 I moved out and he quit making the payments. He claims it is his because he is on the loan, but the Deed of Title is in my name.
Since 2006 there's been people moving in and out but not paying rent and I want to evict everyone, put him into assisted living, and get a new mortgage to save the house from forclosure.
My granpa is 80 and suing the lender for a 'bad loan'.
Can I legally evict the three families living there and get a new loan to save my inheritance??
Hi,
Do you have any written agreement with the three families who you rent the property to? If there is a written agreement between you and them, itmight not be easy for you to evict them until the agreement expires or they do something that violates the terms of the agreement. You need to contact a lawyer and get the agreement reviewed by him. He will show you ways on how you can evict them from your property.
Do you have any written agreement with the three families who you rent the property to? If there is a written agreement between you and them, itmight not be easy for you to evict them until the agreement expires or they do something that violates the terms of the agreement. You need to contact a lawyer and get the agreement reviewed by him. He will show you ways on how you can evict them from your property.
when my parents passed away 2 years ago, they did a quit claim deed to me. it's been filed for 2 years now, but i never told the mortgage company that they were deceased and i have always lived in the house and made the payments. i'm on social security disability and cannot afford to refinance the house. i don.t know what to do. any help out there? please?
Hi Cathy,
Have you been facing any problem while making payments for the loan? As long as you keep making the payments on time, the lender will not mind whether you refinance or you don't. But once you default on the loan, they will try to foreclose on the property and will ask you to refinance the loan in your name. But if you can afford to make the monthly payments on time, you can continue to live in the property without refinancing the loan in your name.
Have you been facing any problem while making payments for the loan? As long as you keep making the payments on time, the lender will not mind whether you refinance or you don't. But once you default on the loan, they will try to foreclose on the property and will ask you to refinance the loan in your name. But if you can afford to make the monthly payments on time, you can continue to live in the property without refinancing the loan in your name.
i agree in general with jenkin, except that the lender may indeed care. however, as he noted, if you continue to make payments, no issues will arise and you ought to have no problems whatsoever.
My husband agreed to walk away from the property during a separation. My name is not on the loan but it is on the property deed. How can I protect myself while continuing to pay the mortgage. Should I try to get my name on the loan. Need good advise quickly.
To Wanda,
Your name is not on the loan. This means you're not responsible to make the payments for it. But if your husband is going to walk away from the property, you're going to be the sole owner of the property. Though you're not legally responsible for the loan, you need to make the mortgage payments because if you don't pay, the lender will foreclose on the property.
Your name is not on the loan. This means you're not responsible to make the payments for it. But if your husband is going to walk away from the property, you're going to be the sole owner of the property. Though you're not legally responsible for the loan, you need to make the mortgage payments because if you don't pay, the lender will foreclose on the property.
and i will agree with savior's position and add this: it would behoove you, if you will continue to live there as the sole owner and responsible party, to undertake this existing mortgage as your own. that's not quite as simple as it may sound, as you'd have to seek the existing lender's approval to do precisely that. you also have the alternative to refinance that loan with a brand new one - assuming you'll qualify.
i'd surmise that in settling with your husband the mortgage will come up and there will be (ultimately) a ruling mandating that you absolve him of responsibility by refinancing. be prepared for this, get yourself in order if any work is needed, so that you can do so when the time is nigh.
i'd surmise that in settling with your husband the mortgage will come up and there will be (ultimately) a ruling mandating that you absolve him of responsibility by refinancing. be prepared for this, get yourself in order if any work is needed, so that you can do so when the time is nigh.
my wife sined release of liability on home loan in 2004 her X was to assume loan and then refinanc in 60 days never did now wants her to pay 1/2 taxes for last 5 years what should she do???