Posted on: 28th Feb, 2007 08:01 am
i bought a property under my name for my brother since he had terrible credit. he has been paying the mortgage every month - many times late and i want to transfer the property over to him and the mortgage- since the apt is actually his. would a quit claim deed be appropriate in this situation?
hi brenda,
welcome to mortgagefit forum.
you can use a quit claim deed to transfer the property back to your brother. and if the lender allows the mortgage to be refinanced in his name then you will be relieved from the mortgage liability. since his credit was not good that time, you need to check if the lender will allow the loan to be refinanced in his name.
first of all you should inform the lender that you would like to transfer the property to your brother and also have the mortgage refinanced in his name. after which you can use a quit claim deed to transfer the property to him. in the deed you would be named the grantor as currently property title is in your name and your brother will be the grantee, receiving the title. consult an attorney to properly draft the deed and then have it notarized and recorded with your county recorder's office.
but make sure that before you quit claim, refinance of the property is agreed upon by the lender otherwise you would remain on the mortgage but would be off the property title.
colin
welcome to mortgagefit forum.
you can use a quit claim deed to transfer the property back to your brother. and if the lender allows the mortgage to be refinanced in his name then you will be relieved from the mortgage liability. since his credit was not good that time, you need to check if the lender will allow the loan to be refinanced in his name.
first of all you should inform the lender that you would like to transfer the property to your brother and also have the mortgage refinanced in his name. after which you can use a quit claim deed to transfer the property to him. in the deed you would be named the grantor as currently property title is in your name and your brother will be the grantee, receiving the title. consult an attorney to properly draft the deed and then have it notarized and recorded with your county recorder's office.
but make sure that before you quit claim, refinance of the property is agreed upon by the lender otherwise you would remain on the mortgage but would be off the property title.
colin
Hi Brenda,
If you are not sure how a quit claim deed can be used for transferring property over to your brother then you can go through this page to learn about the whole process - http://www.mortgagefit.com/quitclaim-deed.html
Thanks
Blue
If you are not sure how a quit claim deed can be used for transferring property over to your brother then you can go through this page to learn about the whole process - http://www.mortgagefit.com/quitclaim-deed.html
Thanks
Blue
Hi Brenda,
The quitclaim deed can be used to transfer your property over to him. But the loan cannot be transferred to him by this method. For that, either the loan has to be refinanced in your brother's name or else you need to transfer the loan over to him. But I doubt whether the lender will allow you for the loan transfer. This is because your brother does not have the creditworthiness to manage the loan and pay it off.
What you can do is discuss your situation with the lender and request him to help you out. Also, you should talk to your brother and ask him to take over the loan.
I hope this will work.
Thanks,
James.
The quitclaim deed can be used to transfer your property over to him. But the loan cannot be transferred to him by this method. For that, either the loan has to be refinanced in your brother's name or else you need to transfer the loan over to him. But I doubt whether the lender will allow you for the loan transfer. This is because your brother does not have the creditworthiness to manage the loan and pay it off.
What you can do is discuss your situation with the lender and request him to help you out. Also, you should talk to your brother and ask him to take over the loan.
I hope this will work.
Thanks,
James.