Posted on: 28th Jan, 2010 12:43 pm
my daughter and her husband own the property that i live in with my other daughter and her family. we have always paid the mortgage and taxes (13 years) but the loan and property are not in our name.
can my daughter and her husband file a quitclaim deed, even with a mortgage still owing, in order to put the property in our names and release theirs from the title?
would we be able to refinance the property?
can my daughter and her husband file a quitclaim deed, even with a mortgage still owing, in order to put the property in our names and release theirs from the title?
would we be able to refinance the property?
Hi,
Your daughter and her husband will be able transfer the property to you through a quitclaim deed. But the mortgage lender may have objection to that. If the property title is changed without informing the lender, he may call the entire loan amount due. Thus, it is better to call the lender before making changes to the property title.
Even if the lender allows your daughter and her husband to transfer the property to you, it will not relieve them from the responsibility towards the mortgage. If you default, their credit will be affected. You will have to refinance the mortgage in your name in order to release them from the mortgage liability.
Your daughter and her husband will be able transfer the property to you through a quitclaim deed. But the mortgage lender may have objection to that. If the property title is changed without informing the lender, he may call the entire loan amount due. Thus, it is better to call the lender before making changes to the property title.
Even if the lender allows your daughter and her husband to transfer the property to you, it will not relieve them from the responsibility towards the mortgage. If you default, their credit will be affected. You will have to refinance the mortgage in your name in order to release them from the mortgage liability.