Quit Claim Deed - GA

Hi Kelly,
" Since I pay the mortgage, she wants to file for quit claim deed. In that case, can I still keep the same mortgage interest rate?" As your Aunt was a co-signer if her name is removed from the title to the condo then the lender will ask for the loan to be refinanced.

The interest rate at the time of refinance will depend on the current market rates and might be also lower than the rate you have now. But it may also happen that the rate you get now will be somewhat higher than your current rate.
"What steps should we take?" You should get in contact with your lender and discuss all the details with him. He will tell you that the mortgage needs to be refinanced now and the rates he can offer. But you should contact some other lenders also, get the rates from them and compare who is providing better rates before you select any particular lender for the refinance.

Thanks
Blue

Hi Kelly,

Welcome to Mortgagefit forum.

You have asked that whether your mom can be made a co-signer for the loan.

For that her name should be on the title of the condo and her credit profile should also be good to qualify as a co-signer.

At the time the mortgage will be refinanced you will be able to include your mom's name as a co-signer.

I am not sure what you mean by "Can she be on the title if she pays more money???"
Assuming that you want to know how your mom can be on the title of the house, for that you will have to make a new quit claim deed to transfer part share of the condo in her name.

If you have any other question, share it with us.:)

Colin

Hello Kelly,

Quit claiming your aunt off title is no problem. The property taxes will be reassessed to the current market value. It always happens if Title is changed on the property. It will not affect the current loan. Quit Claim only removes or adds a person on or off property title. It does not remove off the loan. When you are ready to refinance, you will quit claim your mom on to the title during the refinance. Not a problem.

Hope this helps,

Wenzel

Hi Kelly,

Wenzel is right that:"It will not affect the current loan. Quit Claim only removes or adds a person on or off property title. It does not remove off the loan."
But if the loan is not refinanced then your aunt will remain liable for the mortgage debt and if in future she wants any type of loan on her own than this mortgage liability will show up in her records.

If your Aunt has no objection to having her name on the mortgage but not on the title of the condo then you need not refinance it. But whichever decision you take do inform the lender about it.

Thanks
Blue

Hi Ssuh,

Welcome to the forums.

I think your aunt is willing to take her name off the property. But as far as I know, a cosigner assumes responsibility of paying off the loan but does not have an ownership interest in the property.

Even if your aunt files a quit claim, you can keep the loan at the same interest rate. This is because a quit claim does not remove her name as a cosigner. In order to remove your aunt as cosigner, you need to go through a refinance the loan in your name only.

As far as adding your mom as cosigner is concerned, I think you need to take the lender's permission on this.

Hope this will help you. Feel free to post further queries.

Thanks,

Caron.

Thank you so much for your answers.

To process a quit claim deed, where can I find a form? I saw some forms online. I live in GA, is there any form in a government website? Do I need to to over the form with an attorney?
I appreciate your answers.

Kelly,

I have located one government site where the format for a quit claim deed is listed. Have a look; you can use this format if you like- "http://www.co.kenosha.wi.us/rod/documents/quitclaim.pdf"

While filling up and recording the quit claim deed it is advisable to take help from an attorney. You should consult an attorney.

[Link deactivated as per forum rules. Thanks.]

yeah kelly,

You can always have the form checked by an attorney as he is aware of all legal terms. It's just to make sure that you do not fall into any kind of legal problems in future.

Happy Christmas Kelly! :)

Hello,
I'd like to ask you guy's question, Of, In regards' to the quick claim,
the cosigner will be removed from title, once the refinance is done
and another cosigner signs, I am I correct to think that the first cosigner will be removed.?

Hi Zina,

Once you refinance the mortgage without the first co-signer, he/she will be removed from the mortgage doc.