Posted on: 01st Dec, 2009 04:31 pm
Hi,could you please help?Am separated,moved out and my husband lives in property that we both purchased 2years ago.My name is on the mortgage but i have no interest in that place and I want to sign the property over to him.Bank refused it as he isnt eligible candidate for a new loan on his own.I heard there is such a thing as a Gift,but cant find any informations on how would that work and who to go to.Could you please advise who to talk to as am desperate for my name to taken out of that property.Thank you
Welcome DSGUINAN,
I would suggest you not to transfer the property to your husband right away because the bank has said that he is not eligible for a new loan now. If he does not refinance the loan, you would still be responsible for the mortgage though you do not own the property. You can transfer the title of the property to him when he refinances the loan in his name.
I would suggest you not to transfer the property to your husband right away because the bank has said that he is not eligible for a new loan now. If he does not refinance the loan, you would still be responsible for the mortgage though you do not own the property. You can transfer the title of the property to him when he refinances the loan in his name.