Posted on: 20th Jan, 2008 05:41 pm
when we bought our house, my husband and i were not married, and i did not have provable income, so i was not put on the mortgage (and therefore not on the title either). my husbands grandfather cosigned on the loan for us. there are a few reason why we would like to have grandpa quit claim his interest to me.
1. we are married now and would like my name on the title.
2. grandpa is getting older and we worry about what would happen to our house upon his death.
3. grandpa is having financial troubles right now and we are worried about what would happen should he either attempt to take out a equity loan against our house (if that's even possible), or should he file bankruptcy.
it is important to mention that we can not refinance right now because i just began working, so my income at this point does not count.
so, i need to know if we can draw up and file these papers, or if the mortgage company should be notified?
my father is a real estate agent, and admits he doesn't know a whole lot about this, but he thinks that the mortgage company may be able to demand payment in full should we file these papers without notifying them. also, if it is suggested or required that we notify the mortgage company, how likely is it that they would allow this quit claim deed to take place? do they generally say no?
i'm completely confused with the whole thing, and just want to make sure that grandpa can't kick our family out on the streets.
thanks!
1. we are married now and would like my name on the title.
2. grandpa is getting older and we worry about what would happen to our house upon his death.
3. grandpa is having financial troubles right now and we are worried about what would happen should he either attempt to take out a equity loan against our house (if that's even possible), or should he file bankruptcy.
it is important to mention that we can not refinance right now because i just began working, so my income at this point does not count.
so, i need to know if we can draw up and file these papers, or if the mortgage company should be notified?
my father is a real estate agent, and admits he doesn't know a whole lot about this, but he thinks that the mortgage company may be able to demand payment in full should we file these papers without notifying them. also, if it is suggested or required that we notify the mortgage company, how likely is it that they would allow this quit claim deed to take place? do they generally say no?
i'm completely confused with the whole thing, and just want to make sure that grandpa can't kick our family out on the streets.
thanks!
Hi kristib00,
Here is what I think you should do:
Have yourself added to title into a surviorship deed. If your husbands grandfather does pass away then the home will transfer into you and your husbands name without having to go through probate. Another reason to do this is that the mortgage company will not have a problem with adding you to title but will have a problem with removing your husbands grandfather from title. So again, don't remove anyone from title just add yourself and make sure it's drawn up as a surviorship deed. Any local title company can do this for you for less than 100.00
Here is what I think you should do:
Have yourself added to title into a surviorship deed. If your husbands grandfather does pass away then the home will transfer into you and your husbands name without having to go through probate. Another reason to do this is that the mortgage company will not have a problem with adding you to title but will have a problem with removing your husbands grandfather from title. So again, don't remove anyone from title just add yourself and make sure it's drawn up as a surviorship deed. Any local title company can do this for you for less than 100.00
you are right in assuming that his grandfather's difficulties could (remember "could") affect your home. however, he would not be able to obtain a home equity loan by himself, as your husband would have to be a borrower on any such loan as well.
you may, indeed, be able to have your income counted on a mortgage application; the simple fact that you lack a job history isn't necessarily going to prevent it. often, all you need do is provide an explanation for the lack of work history, which would be strengthened by any prior experience you may have had in the workforce.
check with a lender - any of us on here are available for those sorts of questions, also - and see if you could refinance as a couple while taking granddad off the title.
you may, indeed, be able to have your income counted on a mortgage application; the simple fact that you lack a job history isn't necessarily going to prevent it. often, all you need do is provide an explanation for the lack of work history, which would be strengthened by any prior experience you may have had in the workforce.
check with a lender - any of us on here are available for those sorts of questions, also - and see if you could refinance as a couple while taking granddad off the title.
Looks like you got some pretty good advice here, goodluck with this. :D