Posted on: 06th Jul, 2010 04:13 pm
we live in my daughters house and she wants to add her mother to the title so we can get the homeowners insurance in the mothers name. is the quit claim deed the correct document? and will the lender be notified if so will the loan have to be paid off first
Hi fantastic!
Welcome to forums!
Your daughter can add her mother's name to the property deed with the help of a quit claim deed. After a change in property ownership the lender will want the new owners to refinance the mortgage in their names. In some cases, if mentioned in the mortgage docs, the lender can call the loan due if there is a change in property ownership.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your daughter can add her mother's name to the property deed with the help of a quit claim deed. After a change in property ownership the lender will want the new owners to refinance the mortgage in their names. In some cases, if mentioned in the mortgage docs, the lender can call the loan due if there is a change in property ownership.
Feel free to ask if you've further queries.
Sussane
thanks for your reply but I was wondering how will the lender know she added here mother to the title and the daughters name will also still be on the title so if the lender finds out could they still call the loan?