Posted on: 24th Sep, 2008 06:29 pm
I qiut claimed the house to her but the mortgage is in my name alone.she's been late 3 times on the payments.what are my options??how can i get my name removed from the mortgage?....help please!
hi ed_anderson!
welcome to forums!
if you want to remove your name from the mortgage, you will have to go for the process of novation. however, lenders generally prefer refinance. you can ask her to go for refinancing. that will be a better option.
feel free to ask if you have further queries.
sussane
welcome to forums!
if you want to remove your name from the mortgage, you will have to go for the process of novation. however, lenders generally prefer refinance. you can ask her to go for refinancing. that will be a better option.
feel free to ask if you have further queries.
sussane
Hello sussane,Thank you for the reply and advice,I really appreciate it. We have had a discussion something about what you are saying but she had said to me that her credit is not good enough to take over the mortgage.By me qiut claiming the home to her does that leave me powerless??
Hi ed_anderson!
Welcome back to the forums!
If you quitclaim the property in her name, then you will lose your rights to the property. You will have no interest in the property. However, if you are on the mortgage and you sign a quitclaim, then the mortgage will not be transferred. By a quitclaim deed you can only transfer the property and not the mortgage.
Feel free to ask if you have further queries.
Sussane
Welcome back to the forums!
If you quitclaim the property in her name, then you will lose your rights to the property. You will have no interest in the property. However, if you are on the mortgage and you sign a quitclaim, then the mortgage will not be transferred. By a quitclaim deed you can only transfer the property and not the mortgage.
Feel free to ask if you have further queries.
Sussane