Posted on: 18th Sep, 2012 08:06 am
Hello,
I am streamline refinancing my FHA loan and had a right to survivor-ship deed together with my husband and my mom. Can I remove my mom's name off the deed using quitclaim without incurring a penalty on my FHA loan? Should I wait until the refinancing goes through? I will double check, but I think the deed will remain the same: right to survivor-ship with this refinancing.
We only needed my mom for the initial FHA mortgage because we needed an extra $200 income a month, but my mom does not pay anything towards the mortgage. I am concerned because she is not doing well and fear that she may need to be put into a home in the future and wouldn't want the nursing home to take my home.
I am streamline refinancing my FHA loan and had a right to survivor-ship deed together with my husband and my mom. Can I remove my mom's name off the deed using quitclaim without incurring a penalty on my FHA loan? Should I wait until the refinancing goes through? I will double check, but I think the deed will remain the same: right to survivor-ship with this refinancing.
We only needed my mom for the initial FHA mortgage because we needed an extra $200 income a month, but my mom does not pay anything towards the mortgage. I am concerned because she is not doing well and fear that she may need to be put into a home in the future and wouldn't want the nursing home to take my home.
Hi Jeanniemr,
If your mother's name is not mentioned on the mortgage docs, then there may not be any issue in removing her name from the property deed. Nevertheless, it will be better if you could contact a real estate attorney and take his opinion in this regard.
If your mother's name is not mentioned on the mortgage docs, then there may not be any issue in removing her name from the property deed. Nevertheless, it will be better if you could contact a real estate attorney and take his opinion in this regard.
My mother's name is mentioned on the mortgage docs. I will see if I can get a real estate attorney to help me. thanks!