Posted on: 29th Mar, 2009 06:32 pm
I am a single parent whose name is solely
on the mortgage held by one lender. My
daughter agreed to co-sign on a home equity
loan on this same property which is with another lender. Originally, an assumed good
solution has now turned into somewhat of a mistake. Can I use a quitclaim deed to remove my daugher's name from the equity loan to free up her financial obligation to the property. She will agree to do this with me.
on the mortgage held by one lender. My
daughter agreed to co-sign on a home equity
loan on this same property which is with another lender. Originally, an assumed good
solution has now turned into somewhat of a mistake. Can I use a quitclaim deed to remove my daugher's name from the equity loan to free up her financial obligation to the property. She will agree to do this with me.
Hi mcanillas,
A quitclaim deed cannot be used to remove your daughter's name from the equity loan. The deed only transfers title or ownership from oner individual to another. If her name is on the title, she can sign the deed to release her interest in the property. But to get her name off the mortgage, you can request the lender or do a Novation agreement, subject to the lender's approval.
A quitclaim deed cannot be used to remove your daughter's name from the equity loan. The deed only transfers title or ownership from oner individual to another. If her name is on the title, she can sign the deed to release her interest in the property. But to get her name off the mortgage, you can request the lender or do a Novation agreement, subject to the lender's approval.