Posted on: 11th Dec, 2009 03:17 pm
i refinance my propety 2 months ago. i had to include my dad in order to qualify for the loan. as such, the lender required my father be on title to the property also. my dad and i would now like to remove my dad from title for estate planning purposes. do i use a regular quitcliam deed? what consequences does this have with the lender? do they have the right to call the loan if i remove my dad from title? if quitclaim my dad off title, what triggers notice to the lender of my doing so?
regards,
marcus
regards,
marcus
Your father will be able to use a regular quit claim deed in order to remove your father's name from the property. You will have to inform the lender about this transfer. If you do not do so and if the lender comes to know about it later on, he may consider it as a fraud and may call the loan due immediately.