Posted on: 30th Aug, 2012 04:10 pm
I just purchased a home. the deed is in my partners name as well as the mortgage. if he deeds the home to me will the mortgage payments now go to me or will he still be on the notes to the house. I am in georgia.
thank you
thank you
only the person who is on the mortgage will stay on the mortgage. changing the title only affects who is the owner of the property. if you deed the property from the partner to you, you can trigger the due on sale clause from the mortgage lender. the only way to add or remove a party from the mortgage is to refinance or assume the mortgage.
Hi boysandtys,
Once he deeds the home to you, it will be your responsibility to refinance the mortgage in your name so that you remain liable for the mortgage as well as the property.
Once he deeds the home to you, it will be your responsibility to refinance the mortgage in your name so that you remain liable for the mortgage as well as the property.
Hello Boysandtys,
In addition, the property should be his primary residence and as such he needs to have his name on the title. And that's possible only when you sign over the quitclaim deed.
:idea:
In addition, the property should be his primary residence and as such he needs to have his name on the title. And that's possible only when you sign over the quitclaim deed.
:idea:
