Posted on: 13th Apr, 2009 11:47 pm
The mortgage to a property is under my name, however the title is under a different name. The HOA for the condo was supposed to be paid for by the person who has the title. The HOA payments are about 4 or 5 months delinquent.
I want to be able to pay off this debt and clean the record before an NOD is created from the HOA.
A loan modification is ideal for my case, but I have to list the property as my primary residence. Since the title of the property is not under my name can I somehow fix this?? I want to save the property and am willing to call the banks to start the loan modification, but I don't know what I can legally do.
Is there any way to remove that person from title and place mine?
All mortgage payments are from my bank account.
I want to be able to pay off this debt and clean the record before an NOD is created from the HOA.
A loan modification is ideal for my case, but I have to list the property as my primary residence. Since the title of the property is not under my name can I somehow fix this?? I want to save the property and am willing to call the banks to start the loan modification, but I don't know what I can legally do.
Is there any way to remove that person from title and place mine?
All mortgage payments are from my bank account.
Hi ykkrox
You can ask the other person to sign a quitclaim deed in your name. Once the property is transferred in your name, you can then apply for a loan modification with your lender.
Thanks.
You can ask the other person to sign a quitclaim deed in your name. Once the property is transferred in your name, you can then apply for a loan modification with your lender.
Thanks.
surely it can be done with the simple form named as quitclaim form and that will suffice all the requirements in order to transfer the title on your name.
Henceforth never go for this option.You are on mortgage and someone is on title, as it is not a good planning when it comes to personal finances. :wink:
Henceforth never go for this option.You are on mortgage and someone is on title, as it is not a good planning when it comes to personal finances. :wink:
What rights does a title owner have vs. a mortgage owner?
I'm afraid he might force me to short sale, which is something I don't want to do since I've foreclosed on another property already.
Do I have to right to modify and occupy the property?
Any way to remove his name without his consent?
I'm afraid he might force me to short sale, which is something I don't want to do since I've foreclosed on another property already.
Do I have to right to modify and occupy the property?
Any way to remove his name without his consent?
Welcome ykkrox,
A title owner is the owner of the property whereas the mortgage owner is responsible to pay off the mortgage. In order to remove his name from the property, you'll have to ask him to sign a quitclaim deed in your favor. You'll have to take his consent and signatures to remove him from the property deed.
A title owner is the owner of the property whereas the mortgage owner is responsible to pay off the mortgage. In order to remove his name from the property, you'll have to ask him to sign a quitclaim deed in your favor. You'll have to take his consent and signatures to remove him from the property deed.
I am on the mortgage and my wife is only on title. We were served with foreclosure papers and her name is on the foreclosure. Is this legal to put her name on this action?
Hi Don
If your wife's name is not on the property deed, then the foreclosure will not effect her in any way. You can speak to the lender once and check out why they have included your wife's name on the foreclosure documents.
Thanks.
If your wife's name is not on the property deed, then the foreclosure will not effect her in any way. You can speak to the lender once and check out why they have included your wife's name on the foreclosure documents.
Thanks.
When we bought our house my credit was in bad shape. So I was not included. my wife could have don a quick deed, but I had to nag her about it. The mortgage is in my name, after refinancing. Should I have my name on title as well?
Hi startgazer,
If your wife had signed a quitclaim deed and added your name to the property deed, then you are one of the co-owners of the property. However, if your name is only on the mortgage docs, then it does not mean that you are one of the owners of the property. It only means that you've financial liability for the mortgage.
Thanks
If your wife had signed a quitclaim deed and added your name to the property deed, then you are one of the co-owners of the property. However, if your name is only on the mortgage docs, then it does not mean that you are one of the owners of the property. It only means that you've financial liability for the mortgage.
Thanks
i've got a mortgage contract, the mortgagee is unable to pay the interest and the loan is already due,however when the contract was made the said land title that was being mortgage as a collateral was not under her name. what would be the remedy to complel her to pay her loan? could i forclose the said land title or selll it?
i stand corrected,it's mortgagor..imean..
Hi Guest,
Your query has been replied to in the given page:
http://www.mortgagefit.com/loantalk/landtitle-collateral.html
Take a look at it. Hope it helps you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/loantalk/landtitle-collateral.html
Take a look at it. Hope it helps you.