Posted on: 06th Jan, 2010 02:23 pm
I am doing a quitclaim deed to my boyfriend who is being transferred by his employer to another state. I will be going with him but my house needs to be sold first. The company won't "help him sell" unless the house was in his name. Not sure of the definition of that is but I thought I'd tranfer 1/10th to him so his name was on the deed. House is worth about $250K and we plan to sell this year. Not much equity on it at all. Taxes seem to be around $150 to tranfer. Does the mortgage company have to be involved?
Linda
Linda
hi linda,
while there is change in the ownership of the property, then it is necessary to inform the lender about that. the lender may want the new owners to refinance the loan. however, in your case, as you're planning to sell off the property, i don't think you'll have to refinance the mortgage. you can list the property in the market and check out if you can sell off the property. however, once you sell off the property, you'll have to pay off the mortgage immediately.
thanks
while there is change in the ownership of the property, then it is necessary to inform the lender about that. the lender may want the new owners to refinance the loan. however, in your case, as you're planning to sell off the property, i don't think you'll have to refinance the mortgage. you can list the property in the market and check out if you can sell off the property. however, once you sell off the property, you'll have to pay off the mortgage immediately.
thanks