Is quitclaim deed a way to remove co-borrower from title?

twhite it seems you got it wrong, the boyfriend will be quit claiming the house to sue’s mother.:)

if the transfer is considered a fraudulent transfer of property to avoid the tax liability then the court can cancel such a transfer. it also depends if a lien has been placed on the property for the payment towards tax dues.

let me also tell you that the transfer is considered fraudulent conveyance/transfer if at the time of transfer there is no valuable consideration given to the other person towards such a transfer of property which has a lien on it for the payments to the creditors.

but as you have said there are no judgments against the house, it seems the tax lien is not attached to the house and it can very well be transferred over to your mother.

but twhite was correct about the refinance of the mortgage, as whether house is transferred to your mother or if it is the other way, the mortgage liability is still present for the other person and to remove boyfriend's name from the mortgage, you will have to talk with the lender to have the mortgage refinanced in your mother's name or if the lender agrees to have a novation of the mortgage.

colin

Hi Sue,
"Should I put my name on the house, will I be liable for any judgements or leins"
As Colin said if there are no judgments or liens already in place against the house, you will not be liable for any payments nor will the house transfer be cancelled by courts.

To your other question: "and what would happen if I sell te house after she pass's?"
If the mortgage is paid off in full before the house is sold then there is no problem with the sale, otherwise the remaining balance of the mortgage will have to be paid from the proceeds of the sale.

Thanks
James

Hi Guest,

"He is willing to do a "quick claim" deed by signing over the house to my mother."
Even if your boyfriend quit claims his share of interest to your mother, he will remain responsible for the mortgage. Only when he does not turn up to pay his share of monthly installments, the lender can demand the unpaid loan balance from your mother. This is because after the quit claim she will own the entire property and to save it, she needs to make the entire payment.

"Should I put my name on the house, will I be liable for any judgements or leins. "
If you put your name on the house, you will be liable for judgments or liens only if your mother or the boyfriend hasn't cleared them.

"what would happen if I sell te house after she pass's?"
If your name is on the title to the property, then only you can sell it off and get the sale proceeds. Your boyfriend cannot claim for the proceeds if he quit claims the property to your mother.

Thanks,

Caron.

I recently helped my daughter to buy a home by putting up 20% of the purchase price as an investment. However due to a lender requirement the deed was drawn up as She with her spouse as joint tenants with 85% interest and me with my spouse as joint tenants with 15% interest all as tenants in common. Can she and her spouse quitclaim the extra 5% to me and my spouse to make it an 80/20 split.

hi guest,

welcome to mortgagefit boards.

yes that is quite possible. a quit claim deed can be prepared stating such transfer of interest.

but one important thing is that before creating the deed you discuss this issue with the lender. as this is a minor change in the ownership share i am sure the lender will not have any objection to it.

do share you other doubts with us.

thanks
blue

Hi Jen,

Your daughter can quit claim her 5% share of interest to you. This will entirely depend on whether she is willing to transfer her share of interest. However, if she has already signed on the loan, she needs to ask the lender about it.

Thanks

my brother is trying to get me to sign a quit claim deed because I am going to file for bankruptcy. he thinks they will take the house. i live here and he doesn't.

Hi Guest,

Welcome to the forums.

I guess your brother wants you to transfer him your property through quit claim. He feels that it will help you save your home from being listed as a non-exempt asset in bankruptcy and probably being taken away by creditors.

Well, whether your creditor will take away your home depends upon the type of bankruptcy you file and if it is listed as non-exempt asset.

I found a similar topic - What happens to home after filing bankruptcy being discussed by our community. Hope it will help you.

You may surely come up with additional queries. I shall be glad to help you out.

Thanks,

Sara

Hi. I have bad credit but a great job and income to afford a 3000/month mortgage. I want to buy a house jointly with my parent to avoid higher interest rate. My parent would be a silent owner and I would pay the mortgage. If we buy a loan jointly how will my credit affect the loan if hers is great? Also, if she buys the mortgage ad puts me on the title deed how will my taxes be affected if I pay the mortgage? Can I get credit for it? Thanks.

Welcome Margokatt.

"how will my taxes be affected if I pay the mortgage?"
If you are paying the loan, then you may qualify for tax deduction on the interest you will be paying. But this is possible when you go for itemized deductions.

"If we buy a loan jointly how will my credit affect the loan if hers is great?"
Even if you qualify using your parents' credit, your individual score will only increase when you make the payments and that too at regular intervals.

Since your credit score isn't fair enough, using your parents' credit will help you to secure a lower rate on the loan. But then your parents will either have to be the cosigner on the loan or the co-borrower.

I would like to ask you something. Is there any special reason for which you wish to keep your parents as the silent owner? Hope you don't mind; just asking so that I can come up with more suggestions.

Thanks.

hi
my parents put me on the title of their home as well as on the mortgage aboout eight years ago, they did this in the place of a will. ive never made a payment nor have i used it on my taxes. in fact i rent an apartment and have been doing so for the past year and a half how will this affect me when i buy my house, can i get on a first time homebuyer program.

Welcome Claudia,

You can qualify for a first time home buyer program. But then your mortgage payments on the previous house should have been made on time as otherwise it can prevent you from qualifying for a home buyer program.

I am co borrower on hoem with my cousin. She is on loan with me because my credit score was not high enough to get it alone. To get this property transferred in to my name only can I have my cousin quick deed property over to me? And her name and ownership on property is turned over to me.

Yes Littleme, quit claim deed can be used to transfer her share in the property to you but her name will remain on the mortgage as she is a co-borrower. If your cousin wants her name removed from the loan then it will have to be refinanced in your name.

Michael

Welcome Michael,

Your cousin can quitclaim the property over to you. But both of you will have the obligation to pay off the loan as your names are on the loan.