Posted on: 14th Oct, 2008 09:33 am
I want to deed a house to someone not currently on the mortgage. Do they have to get approved for the amount owed on the house?
hi bradleywilliams!
welcome to forums!
if you want to transfer only the property rights to someone else, then they do not have to get approved for the amount owed on the house. a quitclaim deed will serve the purpose. however, if you want the mortgage to be also in the other person's name, then that person has to refinance the loan once you deed away the property to him/her.
feel free to ask if you have further queries.
sussane
welcome to forums!
if you want to transfer only the property rights to someone else, then they do not have to get approved for the amount owed on the house. a quitclaim deed will serve the purpose. however, if you want the mortgage to be also in the other person's name, then that person has to refinance the loan once you deed away the property to him/her.
feel free to ask if you have further queries.
sussane
Therefore, to eliminate responsiblity from the current mortgage the amount owed would need to be refianced?
Hi bradleywilliams!
Welcome to forums.
Yes, you are absolutely right. To eliminate responsibility, the mortgage needs to be refinanced.
Thanks.
Welcome to forums.
Yes, you are absolutely right. To eliminate responsibility, the mortgage needs to be refinanced.
Thanks.