Posted on: 16th Oct, 2006 09:33 am
i have a cleint who owes 22,000 on her mortgage can she quit claim her home to me . and if so what finacial rights do i have on the property. can i borrow the equity in the home.can i collect rent as well.
Hi,
Even if your client quit claims her home to you the mortgage that is still unpaid will have a lien on the home and if she defaults the lender can put a claim on that home.
Langridge
Even if your client quit claims her home to you the mortgage that is still unpaid will have a lien on the home and if she defaults the lender can put a claim on that home.
Langridge
When your client will quit claim the home to you the lender can ask her to pay off the mortgage and if she can make the payment then you will get the title clear of the mortgage. Then you will also be able to borrow out of the equity the home has.
Hi Wgjr,
Your client can quit claim the home to you but she still remains liable for the mortgage. Until and unless your client pays off the mortgage, you cannot have clear title to the property. You get the chance to stay in the property and in future when the loan is paid off, you can have your name on the title. You then become the sole owner of the property.
Regarding the financial rights, I think you may borrow against the equity in the home. But I don't think you can collect the rent right now. You can only collect rent payments only after the loan is fully paid.
Hope this is now clear to you
God bless you.
Samantha
Your client can quit claim the home to you but she still remains liable for the mortgage. Until and unless your client pays off the mortgage, you cannot have clear title to the property. You get the chance to stay in the property and in future when the loan is paid off, you can have your name on the title. You then become the sole owner of the property.
Regarding the financial rights, I think you may borrow against the equity in the home. But I don't think you can collect the rent right now. You can only collect rent payments only after the loan is fully paid.
Hope this is now clear to you
God bless you.
Samantha
Hi Bee,
"If you are married can your spouse refinance with out the other spouse's signature. If both the husband as well as the wife borrowed for the purchase of the home? "
If the husband and wife decide to refinance the loan in both their names, then both of their signatures are necessary. However, if one spouse wants to take his/her name off the title and the refinance is done for that purpose, then at least the deed used to transfer the title at the time of closing may require both the signatures. At times, only the person taking his name off title through refinance and offering his share to the other spouse has to sign the deed, as he is the grantor.
Thanks,
Sara
"If you are married can your spouse refinance with out the other spouse's signature. If both the husband as well as the wife borrowed for the purchase of the home? "
If the husband and wife decide to refinance the loan in both their names, then both of their signatures are necessary. However, if one spouse wants to take his/her name off the title and the refinance is done for that purpose, then at least the deed used to transfer the title at the time of closing may require both the signatures. At times, only the person taking his name off title through refinance and offering his share to the other spouse has to sign the deed, as he is the grantor.
Thanks,
Sara
Bee, I think the spouse needs to talk to his/her partner regarding the mortgage that has offered the refinance loan.