Posted on: 01st Jan, 2009 05:13 pm
when using a quit claim and refi for an ex to take ownership and assume the mortgage of a house, what is the timing for filing of the quit claim?
her lawyer stated "please understand that any new lender of xxxx's will require that you are off title at the time of the refinance. this typically is accomplished by recording the quit claim deed immediately prior to recording the new deed of trust securing the lender. by immediately prior, i mean seconds. a refinance in xxxx's name alone cannot be accomplished while you are on title. the removal of xxxx's name from title will be a condition of the loan."
is this true?
my fear is that if i return the quit claim now, there is nothing that prevents it from getting filed and me remaining on the mortgage. i would like to see the refianance completed before submitting it. is there a way for me to have some agent at escrow or soemthing to represent me in this interest?
her lawyer stated "please understand that any new lender of xxxx's will require that you are off title at the time of the refinance. this typically is accomplished by recording the quit claim deed immediately prior to recording the new deed of trust securing the lender. by immediately prior, i mean seconds. a refinance in xxxx's name alone cannot be accomplished while you are on title. the removal of xxxx's name from title will be a condition of the loan."
is this true?
my fear is that if i return the quit claim now, there is nothing that prevents it from getting filed and me remaining on the mortgage. i would like to see the refianance completed before submitting it. is there a way for me to have some agent at escrow or soemthing to represent me in this interest?
Hi mille,
You will first have to sign a quitclaim deed in the name of your ex. Then your ex can notarize it and record it at the county recorder's office. Once this is done, then he/she can refinance the property in his/her name. If your name is on the title of the property, then the lender will not be ready to refinance the mortgage in your ex's name.
I can understand your fear but I think you will have to make an agreement with your ex that he or she should refinance the mortgage as soon as you quitclaim the property.
Thanks
You will first have to sign a quitclaim deed in the name of your ex. Then your ex can notarize it and record it at the county recorder's office. Once this is done, then he/she can refinance the property in his/her name. If your name is on the title of the property, then the lender will not be ready to refinance the mortgage in your ex's name.
I can understand your fear but I think you will have to make an agreement with your ex that he or she should refinance the mortgage as soon as you quitclaim the property.
Thanks
is it possible to turn the quit claim over to escrow with instructions that it only be filed once the refi is closed?
Hi mille
I don't think that the lender will accept a quitclaim deed which has not been filed. In my opinion, you should speak to your lender in this regard and check what he has to say. You can even consult an attorney and take his/her advice.
Thanks.
I don't think that the lender will accept a quitclaim deed which has not been filed. In my opinion, you should speak to your lender in this regard and check what he has to say. You can even consult an attorney and take his/her advice.
Thanks.
i'll disagree with you niicss...the quit claim deed and the mortgage deed can all be recorded at the same time, and it's just a matter of coordination. lenders are quite familiar with this sort of thing, and it is a mere formality to have the recording agent (lawyer, title company, etc.) file the quit claim deed moments prior to the recording of the mortgage.
mille1j...this ought to work out without any trouble for you.
mille1j...this ought to work out without any trouble for you.
