Posted on: 03rd Mar, 2008 04:09 pm
2 people qualified to purchase a home, both are on title, one has moved out and the other has been paying the mortgage. Any reason the one that is still living at the property cant take the second person off the deed?
hello deborah,
the person who is currently living on the property and making mortgage payments can do a quit claim deed to release the other person on the title of any interest in property. ( an example of a circumstance where a quit claim deed may be used is where one spouse (grantor) is disclaiming any interest in property that the other spouse (grantee) owns. a quitclaim deed would typically be used in this circumstance.
jean
loan officer/representative
the person who is currently living on the property and making mortgage payments can do a quit claim deed to release the other person on the title of any interest in property. ( an example of a circumstance where a quit claim deed may be used is where one spouse (grantor) is disclaiming any interest in property that the other spouse (grantee) owns. a quitclaim deed would typically be used in this circumstance.
jean
loan officer/representative
Deborah, are you on the title and paying for the mortgage?
There is a couple of reasons why the person that is making payments cannot take someone off the deed. For one its illegal. 2nd the person owns the property. If the person is on the title then he owns the home or half of the home (depending on how the title is structured. If he is allso on the mortgage then he is responcible for the payments. If he doesnt want to make thouse then you can ask him to quitclaim property to you. He doesnt have to do it because the mortgage will still be in his name and he will still be responcible for it. You might have to refi into your name only since the original mortgage was granted to 2 people.
precisely, eugene. all parties to a quit claim deed must be in agreement, and one cannot "require" the other to participate.
