Posted on: 29th Sep, 2008 07:38 pm
Wifes parents are going to pay him the down payment money to walk away and give her the house. She has a child not his, and she also has no job yet. I told him a quick claim still leaves him on the loan and this leave him open for anything..
He can pay off his loans and start over, but I am worried this is the wrong way to handle this promblem with the house. Worried mom need advice for son.
He can pay off his loans and start over, but I am worried this is the wrong way to handle this promblem with the house. Worried mom need advice for son.
hi sh!
welcome to forums!
if the property and the mortgage both has your son's name, then only quitclaiming will not help his cause. if your son signs a quitclaim deed in his wife's favor, he will only give away his ownership in the property. if he wants to transfer the mortgage in his wife's name, he will either have to go through the process of novation or his wife has to refinance once he signs the quitclaim deed.
feel free to ask if you have further queries.
sussane
welcome to forums!
if the property and the mortgage both has your son's name, then only quitclaiming will not help his cause. if your son signs a quitclaim deed in his wife's favor, he will only give away his ownership in the property. if he wants to transfer the mortgage in his wife's name, he will either have to go through the process of novation or his wife has to refinance once he signs the quitclaim deed.
feel free to ask if you have further queries.
sussane
Hi sh!
If there is a mortgage on the house which is your son's name, then signing a quitclaim deed will never help. You can ask your son's wife to refinance the loan once your son transfers the property in her name.
Thanks,
Jerry
If there is a mortgage on the house which is your son's name, then signing a quitclaim deed will never help. You can ask your son's wife to refinance the loan once your son transfers the property in her name.
Thanks,
Jerry
mom, you are properly worried for your son. you are correct in believing that he will remain obligated on the mortgage debt, unless the loan is refinanced and therefore paid in full.
it sounds like trouble, especially with his former-wife-to-be out of work.
it sounds like trouble, especially with his former-wife-to-be out of work.
If your son is on the deed, quit claiming him would not remove him from the loan. If the wife wants the house, and the parents are willing to help..they should refinance and co-sign for her. Under FHA a non occupying parent can co-sign for a child.
It would be the most cost efficient way to handle it.
You also should check the state laws as well. In some states if they are married, he is automatically on title, so you might still have to quit claim him.
I can help you with this.
Call me for a free consultation
Elnora Little
Sunshine Mortgage Corporation/ Lender (not a broker)
800-430-2678
It would be the most cost efficient way to handle it.
You also should check the state laws as well. In some states if they are married, he is automatically on title, so you might still have to quit claim him.
I can help you with this.
Call me for a free consultation
Elnora Little
Sunshine Mortgage Corporation/ Lender (not a broker)
800-430-2678
elnora, please do not solicit business here. please read the forum guidelines at http://www.mortgagefit.com/terms-services.html.
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feel free to join us, however, as a continuing contributor. not only will you reap the benefits of being of assistance to others, you'll earn a few pennies here and there.