Posted on: 21st Dec, 2010 01:33 pm
if i quick claim my parnter off the mtg can they at any point come back and ask for money from the equity in the house?
Hi mayabailey,
Once your partner is removed from the property deed, he will not remain the owner of the property. In such a situation, he won't be able to come back in the future in order to get the equity from the property.
Thanks
Once your partner is removed from the property deed, he will not remain the owner of the property. In such a situation, he won't be able to come back in the future in order to get the equity from the property.
Thanks
once my partner is removed from the property are the still responsible if i stop making the pmts? and will the house pmt still be included in there dti if they were to buy another house
Hi mayabailey!
Welcome to forums!
If the partner's name is mentioned on the mortgage docs, then he or she is responsible for the payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the partner's name is mentioned on the mortgage docs, then he or she is responsible for the payments.
Feel free to ask if you've further queries.
Sussane
A quit claim is a document where the grantor (that other person) releases all of their rights to the grantee (you).
In essence, you get control. You get the equity, you choose when to sell, etc. In the hierarchy of legal documents, it's probably among the most crude and simplistic means to alter title.
That other person does NOT get rid of any liability. If they're on Note/Mortgage, they're on the hook. In fact, it's often a (rarely enforced) violation of the terms and conditions of the mortgage. Title is yours to change after they're paid in full, before then, it can trigger the due on sale clause.
RE: your DTI question. Yes, this home would be included in that other person's DTI.
Let me know if any of that didn't make sense.
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Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
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In essence, you get control. You get the equity, you choose when to sell, etc. In the hierarchy of legal documents, it's probably among the most crude and simplistic means to alter title.
That other person does NOT get rid of any liability. If they're on Note/Mortgage, they're on the hook. In fact, it's often a (rarely enforced) violation of the terms and conditions of the mortgage. Title is yours to change after they're paid in full, before then, it can trigger the due on sale clause.
RE: your DTI question. Yes, this home would be included in that other person's DTI.
Let me know if any of that didn't make sense.
------------------
Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
------------------