Posted on: 08th Mar, 2010 10:46 am
Hi
My wife and I have a house on joint name. We have mortgage on the house. I have given affidavit of support to my parents to get tourist visa. My father is not doing well and I want him to visit USA on his exiting visa. Due to existing medical condition, he is not able to get insurance coverage. I want to transfer my house to my wife name, so if anything goes wrong with my father and I have to pay his medical bill, no one can get hold on my house. What is best option for me to transfer house to my wife name and continue paying existing mortgage?
Thanks,
Raj
My wife and I have a house on joint name. We have mortgage on the house. I have given affidavit of support to my parents to get tourist visa. My father is not doing well and I want him to visit USA on his exiting visa. Due to existing medical condition, he is not able to get insurance coverage. I want to transfer my house to my wife name, so if anything goes wrong with my father and I have to pay his medical bill, no one can get hold on my house. What is best option for me to transfer house to my wife name and continue paying existing mortgage?
Thanks,
Raj
Hi nc,
You can transfer your property to your wife using the quit claim deed. However, you will have to inform your lender about this transfer of property and there are chances that the lender will ask your wife to refinance the loan in her name.
You can transfer your property to your wife using the quit claim deed. However, you will have to inform your lender about this transfer of property and there are chances that the lender will ask your wife to refinance the loan in her name.
Hi adonis
My problem is that, my wife's income is not sufficient to refiance the loan in her name.
My problem is that, my wife's income is not sufficient to refiance the loan in her name.
Hi nc,
If your wife does not have the sufficient income, then she won't be able to refinance the loan. In that case, the lender may call the loan due if you transfer the property to her.
Thanks
If your wife does not have the sufficient income, then she won't be able to refinance the loan. In that case, the lender may call the loan due if you transfer the property to her.
Thanks