How to get out of loan and title

my ex boyfriend and i purchased a home together a few years ago and have recently parted ways. i am willing to sign a quit claim deed and understand it doesn't release my financial obligation but the papers also say that we need to file a real estate excise tax affidavit and real estate excise tax supplemental form. any real estate excise tax owed would be my responsibility. can you help me to understand what this is and why i would be required to pay it.

Hi Kathy,

The real estate excise tax is necessary when it comes to transferring property. However, do you have a mortgage on the property as because it's better to take the lender's permission prior to the transfer. This is because the lender may call a loan due upon transfer of property if it is so stated in the loan contract.

Adonis has already replied to your query at http://www.mortgagefit.com/quitclaim/realestate-excisetax.html . Please have a look at it.

Thanks

Hello,

I applied for a mortgage loan myself. My wife did the quit claim deed. I understand she transfers all the rights to me. My question is: is she still liable for the mortgage. We are still married. Thanks for your advice.

Hi JC,

Welcome to forums.

If your wife's name is not on the loan, then she's not liable for the mortgage. She has just transferred her property rights to you. Is she a cosigner on your loan?

the lot of my grandfather loan to his friend for three hundred pesos since 1949 and he died the year 1972, her daughter visit to register of deeds but knowingly there is a deed of sale made by the man who mortgage the lot thumb mark signed only by my grandfather, if there is a hope to claim said lot please advice me

Hi rafael,

Can you please explain your situation in detail? All I can understand here is your grandfather transferred the lot to someone and his daughter now owns it. There's a mortgage too on the lot. And you wish to own it. But for that, I think you should check as to whether there's a Will on the lot. But frankly speaking if the daughter has her name on the title, I don't think you can claim property back.

However, you may avail the service of a title company and have a title search done on the lot, which would reveal who all have owned property right from the beginning. That could give you an evidence to prove your point if at all you take a legal step in claiming the property.

Thanks

my husband wants to sign our house over to me on a quitclaim but we are both on the mortgage, if the lender does not agree with a novation and his name remains on the mortgage and he was to be made bankrupt can any claim be made on our house?.

Sara, Quick Claim Deed should not be used to give up he rights unless her sister agrees and refinances or goes through novation. This way, as you suggest, she could be faced with the following: no ownership rights, but the financial obligation for the house is still hers!

I recently have been divorced. In the divorce documents, I was left the house. However, her name is still on the mortgage though i have been making the payments since we seperated 4 years ago. II have good credit but don't think I make enough to refinance. What should I do. Can the house be taken from me even if i have never been late on a payment>?

Hi annonymous,

If you have been making the payments timely, then the lender will not be able to take the property from you. You can try and improve your credit first and then refinance the property. Check out the following link to know more about improving credit:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks

mY WIFE AND i ARE SEPARATED. sHE IS RENTING WITH OPTION TO BUY. sHE HAS INFORMED ME THAT i CAN CLAIM ONE OF THE CHILDREN AND HALF THE HOUSE ON TAX. sHE WILL CLAIM ONE CHILD AND HALF THE HOUSE. wE HAVE ONE CHILD IN COLLEGE AND ONE IN MIDDLE SCHOO. aLSO sHE HAS MENTION THAT SHE WAS GOING TO SIGN A QUIT cLAIM DEED. wHAT SHOULD I DO

Hi

Is she the only one on the title? or are you also added to the title as co-owner?

My friend and his wife have been divorce for a while, he lives in the house they used to share and pays the mortgage but the mortgage is in the wifes name. She wants it out of her name but he has been sick and doesnt have the income to buy the house from her and his mortgage company doesnt allow him to do a nonqualifying assumption. What are his options? How can he get the house in his name? I know he can do the quit claim but how does he get the mortgage in his name?

Hi BarbieDahl,

You are right. A quitclaim can transfer the title to the property, but it cannot transfer the mortgage. The only way your friend can transfer the mortgage in his name is through a refinance or a novation. There does not seem to be any other option available.

Thanks,

Jerry