Posted on: 16th Jan, 2008 01:29 am
my wife and i are divorcing and both of our names are on the title. we have a current low rate mortgage with only 12 years left. we also have an additional home equity loan with 4 years. my question is can i use a quit claim deed to remove her name from the title so i can assume the existing mortgages without re-financing?
Hi Ray,
Welcome to the forum.
You can use a quitclaim deed but to transfer the property totally to you, your wife will have to sign the quitclaim deed as a grantor. That means she will quitclaim her share of property to you. So is she really willing to do so?
Even if your wife agrees to quitclaims the property to you, you will have to talk to the lender to assume the loan.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
You can use a quitclaim deed but to transfer the property totally to you, your wife will have to sign the quitclaim deed as a grantor. That means she will quitclaim her share of property to you. So is she really willing to do so?
Even if your wife agrees to quitclaims the property to you, you will have to talk to the lender to assume the loan.
Feel free to ask if you have any further questions.
Best of luck,
Larry
you will have to refinance the debt into your name only if you want to her to quit claim the property to you.
I also want to add that you mentioned a low rate on the mortgage debt currently. Refinancing might not be such a bad thing right now since rates on a 15 year fixed rate mortgage are between 4.75 and 5% so unless you have much better than that, I would definately take advantage of the market rates being low right now and get it done with.
i wonder is it easy to add a name to an existing mortgage or do i have to go through the whole mortgage process. i have been paying half of the mortgage from the beggining due to having a bad credit history and now it is alot better(fair)i just want to try again.
hi anthony,
welcome to our community forums.
it isn't that easy to add a name to a mortgage. generally lenders require a refinance of the existing loan in order to add names on the mortgage. there's another way out by which one can add his name to the loan. it's known as novation (a simple loan transfer). however, lenders prefer refinance over novation. so, what you need to do is, have a straight talk with the lender and the person who is currently having the loan in his name.
regards,
jessica.
welcome to our community forums.
it isn't that easy to add a name to a mortgage. generally lenders require a refinance of the existing loan in order to add names on the mortgage. there's another way out by which one can add his name to the loan. it's known as novation (a simple loan transfer). however, lenders prefer refinance over novation. so, what you need to do is, have a straight talk with the lender and the person who is currently having the loan in his name.
regards,
jessica.
