Posted on: 29th Sep, 2010 08:06 pm
if my father wants the title out of his name and put it in my name. do i have to qualify for a loan or can he just do the quitclaim deed?
hi jsells3,
welcome to mortgagefit,
if your father owes some mortgage on the property then surely you need to refinance the loan on your name and then only he can be able to quitclaim deed on your name.(although now also he can quitclaim it but lender may put a lien)
so to make easier the process first check out whether you qualify for the refinance and if you are, then contact your lender and get it refinanced....
if there is no mortgage on the title and property is completely owned by your father then there is no need to worry about anything....
feel free to ask any further query if you have..........
dipa
welcome to mortgagefit,
if your father owes some mortgage on the property then surely you need to refinance the loan on your name and then only he can be able to quitclaim deed on your name.(although now also he can quitclaim it but lender may put a lien)
so to make easier the process first check out whether you qualify for the refinance and if you are, then contact your lender and get it refinanced....
if there is no mortgage on the title and property is completely owned by your father then there is no need to worry about anything....
feel free to ask any further query if you have..........
dipa