Posted on: 01st Jun, 2006 03:32 pm
my wife and i have been living in a home owned by my parents for the last three years. the morgtage is in their name. however, we have been paying the mortgage to the bank by automatic withdrawl from our checking account. my wife and i now need the mortgage interest for tax purposes. can my parents give me the house through a quit claim, then i refinance the loan in my wife and my name? what is the lowest cost way to handle this transaction? their loan is not assumable.
hi ken,
talk to the lender first as hee needs to be informed in case of the transfer. it can be done through a quit claim deed.
the loan needs to be refinanced in your name.
talk to the lender first as hee needs to be informed in case of the transfer. it can be done through a quit claim deed.
the loan needs to be refinanced in your name.
Hi Ken,
Welcome to MortgageFit Forums.
You can get the interests in the property transferred to you from your parents through a quit claim.
Since any real estate transfer with a lien on it needs to be informed to the lender so, approach your lender first and explain your plan.
Prepare the quit claim deed under the guidance of an attorney and get it notarized. After that record the deed in your County's recorder office.
This won't cast you much. To transfer the mortgage you have to refinance it in your name. You may refinance it with the same lender or can shop around to check if you get more suitable rates and terms.
Refinancing can prove to be a little costly especially when rates are going up frequently.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
You can get the interests in the property transferred to you from your parents through a quit claim.
Since any real estate transfer with a lien on it needs to be informed to the lender so, approach your lender first and explain your plan.
Prepare the quit claim deed under the guidance of an attorney and get it notarized. After that record the deed in your County's recorder office.
This won't cast you much. To transfer the mortgage you have to refinance it in your name. You may refinance it with the same lender or can shop around to check if you get more suitable rates and terms.
Refinancing can prove to be a little costly especially when rates are going up frequently.
God bless you.
For MortgageFit,
Samantha
My girlfriend and I bought a house together but are splitting up and she wants to keep the house. Can I do a quick deed and sign it all over to her and not be obligated to pay the payments? will this still affect my credit?
hi darrel,
welcome to mortgagefit forums.
you can transfer all your interests in the property to her using a quit claim deed but that won't release you from the loan.
if she defaults on the loan then that will affect your credit too. to get your name removed from the loan the loan needs to be refinanced in her name only. you may also opt for a novation if there is any scope. talk to your lender and check for the cheapest way to get your name removed. you may use a different lender to refinance.
feel free to ask if you have more doubts.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
you can transfer all your interests in the property to her using a quit claim deed but that won't release you from the loan.
if she defaults on the loan then that will affect your credit too. to get your name removed from the loan the loan needs to be refinanced in her name only. you may also opt for a novation if there is any scope. talk to your lender and check for the cheapest way to get your name removed. you may use a different lender to refinance.
feel free to ask if you have more doubts.
god bless you.
for mortgagefit,
samantha