Can quit claim remove name from title?

hi lissa,

i think your husband's credit is affected because he has not been making payments although his name is on the loan. he may have signed a quit claim deed but that does not remover his name from the loan. so, he is still responsible for the loan payments. as such, i don't feel that his credit is affected on account of his wife not making the payments.

anyway, now that he has already quit claimed the property, it is quite difficult to cancel the deed once executed and get back the property. so, if paying off the loan is your primary concern, and if the first wife also has her name on the mortgage, then your husband can request the lender for a novation.

through novation, the entire liability of paying off the dues will be transferred to your husband. so, if he is regular on making the monthly payments, he will be able to build up good credit within a few months. however, if your husband is the only person having his name on the loan agreement, then novation is not required. he can carry on with the payments and clear the mortgage dues within the specified time period.

hope this information will help you. also refer to a previous discussion on cancel quit claim deed for more information on that issue.

thanks,

caron.

what is the process called novation?

Hi Quest,

Novation is the process using which you can transfer your existing mortgage loan to some other person at the approval of the lender. This means that the person taking over the responsibility of the loan will be making all monthly payments and you will be release from the liability.

Thanks,

Sara

My wife & I divorced a yr ago.Before our divorce we purchased a home.Her name was on the title & at closing I signed to have my name added to it. After our divorce she wanted me to sign a release so she could sell the home.I did not sign a release and the home is now listed to sell. Do I have any rights since I didnt sign the release? We do not have any children together.
Thank You for your help

Hi Missouri,

You have the right to claim your share of interest in the house. This is because you are a co-owner of the same property. And, until and unless you transfer your share of interest to her and sign a release, she cannot really sell the property.

However, in case you allow her to sell the property, you have the right to demand the sale proceeds corresponding to your share of interest in the property.

Hope this information will help you. For any more clarification, feel free to contact us.

God bless you.

Samantha

i own a time share in missouri and have tried to sell it. i want to give it back to the company i bought it from. it is free and clear. can i initiate a quit claim deed to get rid of it.

I think now is your time to hold the reigns on him, you have control. So to speak...Seek an attorney who will help you with the process. You do not want to loose out on the chance to recieve what is due to you.

You will want your attorney to draw up an agreement stating you will sign the quit claim deed with the agreement of paying you 'X' amount of money from the sale of the home. You decide how much. What is the house selling for? What are the proceeds of the sale? How much will a divorce cost? These are all questions you can answer with the help of an attorney. For $100.00 consultation with one, it may well be worth the money!

Best regards

I have a friend of the family that is wanting to quitdeed her home to my husband and I rather than selling it due to credit issues. Is this possible to do?

Hi Nikki,

Welcome to Mortgagefit forum.

Yes if your friend has sole ownership of the house, then a quit claim deed can be used for such a transfer.

On the other hand if your friend has shared ownership of the house with someone else then your friend will be able to transfer only her share to you.

Colin

Your friend can quit claim the property to you and your husband instead of selling. But before you buy it from him, just make sure that the property is free from any lien and no other person has ownership interest in it.

yeah Mac, I think Nikki's husband should check if the property has any lien and then think about buying. otherwise, he may have to pay to get rid of the liens and save the property. But if the property is free from any lien, Nikki's husband can ask your friend to use a grant deed which ensures that property has clear title.

hi,
in 2002, my parents cosigned for me on the home i currently live in. they also each contributed 23k towards my down payment. my contribution was 46k. the title was drawn up with me owning 50% and each of them owning 25%. since purchasing the home, i have paid for everything. their only investment was their initial 23k each. i would like both of them off of my title, and they agree that it is the best for all of us. would filling out this quit claim form remove them from my title & loan without making me refinance? also, will my parents be liable for paying taxes on their initial investment? please let me know. thanks so much!!!

Hi Missid,

Welcome to Mortgagefit forum.

Quit claim deed can be used for the transfer of the home ownership in your name. But it will not transfer the mortgage.

For transferring the mortgage in your name it will have to be refinanced.

Colin

Hi Missid,

You need to refinance if you wish to remove your parents as cosigner. Merely by doing a quit claim, you cannot remove them from the loan. However, their names will be taken off from title by the quit claim.

Regarding your second query, I don't think your parents need to pay taxes on the initial investment.

Thanks,

Sara

Hi Missid,

Quit claim deed will not help you to take off your parents' name from loan. For that you need to refinance.

I found some information on removing cosigner at http://www.mortgagefit.com/discuss/about1777.html . Hope you will get some help from here.

Thanks