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. :?
I went through a program where i thought a friend was co signing on a loan for land and a modular home. I moved into the home and ive paid the mortgage for almost 5 years (never been late or missed a payment) it turns out that the house is only in my friends name. I called the lender to see if i can assume the loan. They sent an qualifing assumptions package and said it would cost 250.00 but what happens if i don't quality. My credit score is 0 and i have no negative points, but no credit. How can i get name on mortgage and friend name off. i pay mortgage directly out of account.
Hi belioso,
"I moved into the home and ive paid the mortgage for almost 5 years (never been late or missed a payment) it turns out that the house is only in my friends name."
Do you mean you purchased the property, your friend co-signed on the loan and now you find that the property title is in your friend's name?! This is strange. If your name is not on the title, it means you do not have any ownership rights to the property and the legal owner (your friend) of the property can force you out of the home. You need to get a quit claim deed signed by your friend to get the title in your name to establish your ownership rights. As far as the mortgage is concerned, you can simply take over the responsibility of the loan payments through an assumption.
"I moved into the home and ive paid the mortgage for almost 5 years (never been late or missed a payment) it turns out that the house is only in my friends name."
Do you mean you purchased the property, your friend co-signed on the loan and now you find that the property title is in your friend's name?! This is strange. If your name is not on the title, it means you do not have any ownership rights to the property and the legal owner (your friend) of the property can force you out of the home. You need to get a quit claim deed signed by your friend to get the title in your name to establish your ownership rights. As far as the mortgage is concerned, you can simply take over the responsibility of the loan payments through an assumption.
i'm looking to acquire a mixed-use building from my aunt. the property is free and clear and she is willing to add me to the deed or quit-claim the deed to me. she just requires that i pay her 60% of the amount i get after refinancing. i have a couple of very complicated questions:
is this the best way to go about this? is it feasible for her to quit claim the property to me and me refinance the property? if so, how long before i am able to refinance the property? and would the refinance be based on appraised value as there would be no financial transaction at the time of quit claiming the property?
or would it be more viable for her to add me to the deed, she remain on the deed and after a couple of months refinance the property for the amount she would like to make and then quitclaim the property to me and then i refinance the property?
what's the best way to go about this? thanks greatly!!
is this the best way to go about this? is it feasible for her to quit claim the property to me and me refinance the property? if so, how long before i am able to refinance the property? and would the refinance be based on appraised value as there would be no financial transaction at the time of quit claiming the property?
or would it be more viable for her to add me to the deed, she remain on the deed and after a couple of months refinance the property for the amount she would like to make and then quitclaim the property to me and then i refinance the property?
what's the best way to go about this? thanks greatly!!
Hi jayhampson,
Your aunt can quit claim the property to you and you would be able to refinance the property after the property transfer is complete. Depending upon your financial situation and your credit score, the lender will help you know whether or not you would be able to get a refinance.
The lender will want to appraise the property before letting you refinance it. If there is equity in the property, then only you would be able to refinance the mortgage.
Thanks
Your aunt can quit claim the property to you and you would be able to refinance the property after the property transfer is complete. Depending upon your financial situation and your credit score, the lender will help you know whether or not you would be able to get a refinance.
The lender will want to appraise the property before letting you refinance it. If there is equity in the property, then only you would be able to refinance the mortgage.
Thanks
hi. i have been reading this thread as i am researching about quit claim. here is a case i would like to bring up.
michael owns a 2 family home in ny city. he can no longer afford to pay for the house and was thinking of just walking away from it. because of not making payments for several months, his credit had gone bad. if michael signed a quit claim to me so i would assume the property and negotiate with the lender and make payments, would that leave michael free from his mortgage obligation? would his credit improve after the quit claim? would novation be a better process?
thanks.
michael owns a 2 family home in ny city. he can no longer afford to pay for the house and was thinking of just walking away from it. because of not making payments for several months, his credit had gone bad. if michael signed a quit claim to me so i would assume the property and negotiate with the lender and make payments, would that leave michael free from his mortgage obligation? would his credit improve after the quit claim? would novation be a better process?
thanks.
michael can sign a quit claim deed and transfer the property to you but it won't release him from the mortgage obligation unless you refinance or assume the loan. signing a quit claim deed won't improve his credit scores.
i am going through divorce. the court ordered our jointly owned house wh ich is currently $ 200000 underwater mortgage as my husbands sole and seperate property. Court order states my husband will be responsible for the first and second mortgages, and that ha will hold wife harmless therefrom paying that debt. Does this court order has any value when it comes to mortgages. my name is on this property. Am i still liable for these mortgages? How can i get my name out of this loans? He wants me to sign interspousal transfer grant deed. Do i have to sign it legally? I am really concerned about my name still on this property. Please give me your suggestions soon Thankyou.
Hi sunsun!
Welcome to forums!
You will have to sign a quit claim deed in order to transfer the property to your husband. As far as the loan is concerned, you need to ask your husband to refinance the loan in his name. This will remove your name from the mortgage. You should sign the inter-spousal deed at the time of closing of the refinance. You shouldn't sign it prior to the refinance of the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to sign a quit claim deed in order to transfer the property to your husband. As far as the loan is concerned, you need to ask your husband to refinance the loan in his name. This will remove your name from the mortgage. You should sign the inter-spousal deed at the time of closing of the refinance. You shouldn't sign it prior to the refinance of the loan.
Feel free to ask if you've further queries.
Sussane
I have been told that if I enter a nursing home and do not have the money to pay them that they can take all my property so if I quitclaim my property to my children can the mortgage remained in my name or do my children have to refinance it
Hi carole,
If you quitclaim your property to your children, then they will have to refinance the mortgage. Moreover, you should note that if you quitclaim your property to your children now, you won't be able to get Medicaid benefits for the next 5 years.
Thanks,
Jerry
If you quitclaim your property to your children, then they will have to refinance the mortgage. Moreover, you should note that if you quitclaim your property to your children now, you won't be able to get Medicaid benefits for the next 5 years.
Thanks,
Jerry
I'm on the verge of bankruptcy. I have a rental house that I would like to quit claim to my grandson. Will that protect the house from the bankruptcy?
welcome shearue,
if you quitclaim your property just before filing bankruptcy, it will be considered as a fraud. if you transfer property now, you'll have to wait for at least a year and then file bankruptcy.
if you quitclaim your property just before filing bankruptcy, it will be considered as a fraud. if you transfer property now, you'll have to wait for at least a year and then file bankruptcy.
My fiance or(ex-fiance) wants to sell our home..I dont. I want to stay in my home. He wants out. Mortgage payments come out of my checking account. He spent time in and out of jail, i was left to take care of everything. Can I refinance in just my name?
Who owns the home, Stephanie? Do both of you own it? That'll cause you some grief, but you may be able to work out a viable solution with the assistance of an attorney. Unmarried people purchasing real estate together will cause all sorts of problems when the partnership dissolves, so I'd advise you to get legal help as quickly as you can to try to sort things out.
how long does novation takes, does it cost