Posted on: 17th Dec, 2007 11:20 am
i can not afford the morgage of my home , i want to transfert the title onto the name of the second person into the title.I want to know how bad that will affect my credit and more informatio about that.
hello tpeg,
if you want to transfer the ownership rights of your property to the co-owner or the second person on the title, you may do so with the help of a quit claim.
you have to sign the quit claim form as the grantor with the co-owner's name as the grantee. the deed has to be notarized and recorded at the county recorder's office in order to make it valid.
since you have a mortgage against your property, you have to talk to your lender first and take his consent before signing the quit claim. the person who gets the ownership of your property has to refinance the mortgage in his name in order release you from the financial obligation.
transferring ownership rights with the help of a quit claim deed will not affect your credit.
if you want to transfer the ownership rights of your property to the co-owner or the second person on the title, you may do so with the help of a quit claim.
you have to sign the quit claim form as the grantor with the co-owner's name as the grantee. the deed has to be notarized and recorded at the county recorder's office in order to make it valid.
since you have a mortgage against your property, you have to talk to your lender first and take his consent before signing the quit claim. the person who gets the ownership of your property has to refinance the mortgage in his name in order release you from the financial obligation.
transferring ownership rights with the help of a quit claim deed will not affect your credit.