Posted on: 23rd May, 2012 01:54 pm
hello. question on quit claim deeds and mortgages. so, my father and i bought a property a long time ago in 2004 and he since, in 2009, has quit claim deeded the property to me.
however, we still have a mortgage on the property from wells fargo. my question is this: should i have his name removed from the mortgage for any reason? it will cost me either a refinance fee or a change or assumption loan fee of over $920. also, since he no longer technically owns the property with me, should i no longer be sharing the interest statements and associated tax write offs with him? i am the one paying the mortgage - his name is just still on the mortgage as a legacy loan prior to the quit claim deed event that occurred 3 years ago. should i be concerned about my 100% ownership status now that he has quit claim deeded the property to me yet his name stil on loan?
however, we still have a mortgage on the property from wells fargo. my question is this: should i have his name removed from the mortgage for any reason? it will cost me either a refinance fee or a change or assumption loan fee of over $920. also, since he no longer technically owns the property with me, should i no longer be sharing the interest statements and associated tax write offs with him? i am the one paying the mortgage - his name is just still on the mortgage as a legacy loan prior to the quit claim deed event that occurred 3 years ago. should i be concerned about my 100% ownership status now that he has quit claim deeded the property to me yet his name stil on loan?
Hi roundbayboater!
Welcome to forums!
It will be better if you could refinance the mortgage in your name. In case of any mortgage problems later on, you won't be able to deal with the lender unless the mortgage is in your name. This will also help you to claim the mortgage payments while you pay the taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be better if you could refinance the mortgage in your name. In case of any mortgage problems later on, you won't be able to deal with the lender unless the mortgage is in your name. This will also help you to claim the mortgage payments while you pay the taxes.
Feel free to ask if you've further queries.
Sussane
Hi roundbayboater,
I agree with Sussane that it will be better if you could remove your father's name from the mortgage docs and get it refinanced in your name. This will have a positive affect on your credit report as the payments that you make on time will get reported to it and give your scores a boost. Apart from this, you will be able to negotiate with the lender in case of any problems regarding the mortgage. If the mortgage is not in your name, you won't be able to negotiate with your lender for any kind of repayment plan.
Thanks
I agree with Sussane that it will be better if you could remove your father's name from the mortgage docs and get it refinanced in your name. This will have a positive affect on your credit report as the payments that you make on time will get reported to it and give your scores a boost. Apart from this, you will be able to negotiate with the lender in case of any problems regarding the mortgage. If the mortgage is not in your name, you won't be able to negotiate with your lender for any kind of repayment plan.
Thanks