Posted on: 12th Dec, 2007 07:45 pm
My wife and my name is on the title. I have been ill for almost two years and haven't been able to work. My wife has paid the mortgage for that time. The loan is in my name only. I would like to know if I can quitclaim the house only in her name. She doesn't have a problem in paying the mortgage, but I want protest her interest interest in the house if something is to happen me. I want to be sure she doesn't lose the house.
Welcome Vernon,
It's a good gesture that you wish to see your wife's interest protected. I think you can quitclaim the house to her but you need to inform the lender. If there is any clause such as acceleration clause on your loan contract, there's a possiblity that the lender might call the loan if you transfer the property. So, check that out also.
It's a good gesture that you wish to see your wife's interest protected. I think you can quitclaim the house to her but you need to inform the lender. If there is any clause such as acceleration clause on your loan contract, there's a possiblity that the lender might call the loan if you transfer the property. So, check that out also.
Welcome Vernon,
I am sorry to hear that you have been unable to work for the past several years.
I would not advise that you file a quit claim to your wife directly at this time. As you are on the mortgage, removing yourself from title may cause the lender to initiate acceleration on your loan.
I would recommend that you contact your current lender and see if you can get the loan switched into your wife's name. If they are not willing to do so, you should contact a mortgage professional about your wife refinancing the loan into her name only.
I wish you and your wife the best of luck. Please feel free to ask any further questions.
I am sorry to hear that you have been unable to work for the past several years.
I would not advise that you file a quit claim to your wife directly at this time. As you are on the mortgage, removing yourself from title may cause the lender to initiate acceleration on your loan.
I would recommend that you contact your current lender and see if you can get the loan switched into your wife's name. If they are not willing to do so, you should contact a mortgage professional about your wife refinancing the loan into her name only.
I wish you and your wife the best of luck. Please feel free to ask any further questions.
You should prepare a will that gives her the house in the event of your death. Better yet, do a living trust. Consult with an estate planning attorney in your area.
you will want to have her refinance into her name if possible if she is the only one on title. a lender will not allow you to quit claim yourself off the property since the mortgage is just in your name.