Posted on: 03rd Sep, 2010 01:15 pm
I am co-owner of a property. I no longer have anything to do with the property and after talking with the other owner came to the agreement that we would like to transfer it solely to her name and not mine so that i will be completely off the mortgage and deed of the property. The home was financed through both parties VA loan using an even amount of both of ours for the cost of the home. I have excellent credit and she has good credit. Can and how can i accomplish this? if so can it stay as or would there have to be different terms on the loan? Thanks..
-Tamara N.
-Tamara N.
Hi Tamara!
Welcome to forums!
You can sign a quit claim deed and transfer your share of the property to the other owner. Once you do so, the other owner should refinance the loan in her name. This will make her responsible for the property as well as the loan. After she refinances the loan, she would get new terms and conditions for paying off the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can sign a quit claim deed and transfer your share of the property to the other owner. Once you do so, the other owner should refinance the loan in her name. This will make her responsible for the property as well as the loan. After she refinances the loan, she would get new terms and conditions for paying off the loan.
Feel free to ask if you've further queries.
Sussane