Posted on: 14th Dec, 2009 01:50 pm
Trying to get property from neighbor that she does't want to mow anymore and said I could have-had surveyed and went to recorder's office today for new parcel id-what's next, quick deed form she signs and I take to county clerk or recorder???If it matters, she has mortgage on her house. Thanks.
Hi Jim,
Your neighbor will have to sign a quit claim deed and transfer the property in your favor. Then, you need to notarize and record the deed at the county recorder's office where the property is located. Once the ownership is transferred in your name, you'll have to refinance the mortgage in your name.
Your neighbor will have to sign a quit claim deed and transfer the property in your favor. Then, you need to notarize and record the deed at the county recorder's office where the property is located. Once the ownership is transferred in your name, you'll have to refinance the mortgage in your name.
Thanks for your quick response - neighbor lady is just giving me land for free - track is hill shape like triangle in my back corner - she doesn't want to mow or keep up - don't see where mortgage is factor for me - I guess the question is since she has mortgage on house and her remaining yard does her mortg co have a say???
Hi Jim!
Welcome to forums!
If the ownership of the property is transferred in your name, then the loan should also be transferred in your name. The lender will always want that the owner of the property should own the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the ownership of the property is transferred in your name, then the loan should also be transferred in your name. The lender will always want that the owner of the property should own the mortgage.
Feel free to ask if you've further queries.
Sussane
I'm a simple layman! My neighbor has a house and a yard with a mortgage - she's trying to give me a small corner of her yard - I've gone thru process of surveying and created new parcel id for this little section of her yard - are you sayig that if I do a quick deed for this a percentage of her mortgage balance will transfer with deed???
no jim,
it is not like this. by quit claim deed you will become owner. but mortgage lender will like to see your name as a mortgage taker. a lot depends upon current mortgage value & current value of property
it is not like this. by quit claim deed you will become owner. but mortgage lender will like to see your name as a mortgage taker. a lot depends upon current mortgage value & current value of property