Posted on: 23rd Sep, 2008 12:11 pm
i am divorced, my ex signed a quit claim deed for the house that we owned and lived in while married. i faxed the quit claim to the mortgage co and asked them to remove his name--they said i had to refinance or do another transaction that would cost roughly $1000!! is this right???
m. rizzo
orlando,fl
m. rizzo
orlando,fl
all a quit claim deed does is transfer someone's interest in a property to the recipient. this has nothing whatsoever to do with the mortgage on a property. a mortgage is simply the security underlying the loan made on that property.
the lender is correct - if they want the loan to be refinanced, that's what needs to be done.
the lender is correct - if they want the loan to be refinanced, that's what needs to be done.
It wouldn't be in my best interest to refi now. I have a very good rate, why can't my ex-husbands name be remove it he has signed off on the property??????????????????
It wouldn't be in my best interest to refi now. I have a very good rate, why can't my ex-husbands name be remove it he has signed off on the property??????????????????
mel, the lender calls the shots here. if they do not wish to remove his name from the mortgage, they simply can refuse to do so.
the standard is this: once a note is signed, the borrower(s) cannot be relieved of the obligation until the note is paid in full. this is clearly what the lender is standing on - well within its rights as the money lender.
if you can convince them that you are fully capable of handling the mortgage debt by yourself (sufficient income, good credit, job stability, reserves, etc.) there is a possibility that they would afford you some wiggle room. do not count on this, however.
many lenders are "straight-line" to begin with and don't afford much flexibility. in this current economic climate, you'll be hard-pressed to find lenders bending over for borrowers.
fortunately for you, having your former husband's name appearing on the mortgage does you no harm (other than the reminder that comes each month with the billing statement). as long as you continue to pay every monthly payment time, they'll never bother him, either.
the standard is this: once a note is signed, the borrower(s) cannot be relieved of the obligation until the note is paid in full. this is clearly what the lender is standing on - well within its rights as the money lender.
if you can convince them that you are fully capable of handling the mortgage debt by yourself (sufficient income, good credit, job stability, reserves, etc.) there is a possibility that they would afford you some wiggle room. do not count on this, however.
many lenders are "straight-line" to begin with and don't afford much flexibility. in this current economic climate, you'll be hard-pressed to find lenders bending over for borrowers.
fortunately for you, having your former husband's name appearing on the mortgage does you no harm (other than the reminder that comes each month with the billing statement). as long as you continue to pay every monthly payment time, they'll never bother him, either.
hi melrizzof !
welcome to forums!
yes, if the lender has asked you to do a refinancing, then i believe you will have to do that. you can try and persuade them to go for the process of novation but lenders generally prefer refinancing.
feel free to ask if you have further queries.
sussane
welcome to forums!
yes, if the lender has asked you to do a refinancing, then i believe you will have to do that. you can try and persuade them to go for the process of novation but lenders generally prefer refinancing.
feel free to ask if you have further queries.
sussane
i bought a house with my mate 2yrs ago, his girlfriend as now moved in and im moving out. how do i get my name taken off the mortgage and how much will it cost me
Hi Mr. Smith!
You can ask your friend to refinance the property if you want to remove your name from the mortgage. I don't think it will charge will cost you anything.
Thanks.
You can ask your friend to refinance the property if you want to remove your name from the mortgage. I don't think it will charge will cost you anything.
Thanks.
My husand and I have decided to quit claim my share of our home to our daughter so that she will not have to pay inheritance taxes eventually in probate and no one can take it away from her. The papers from the town clerks office mentions state of CT costs for us to do this. How much money do we have to pay the State ?
Hi Lori
As far as I know, when you transfer a property to someone else, you will have to pay transfer taxes and fees for the docs stamps. The tax rate for documents that transfer an interest in real property is $.70 per $100 of the total consideration paid for the transfer.
Thanks.
As far as I know, when you transfer a property to someone else, you will have to pay transfer taxes and fees for the docs stamps. The tax rate for documents that transfer an interest in real property is $.70 per $100 of the total consideration paid for the transfer.
Thanks.
if partner has left and has not contributed to mortgage how do i get him removed?
if partner has left and has not contributed to mortgage how do i get him removed?
How does one eliminate one name on a reverse mortgage. Since no monthly payments to lende are involved and I pay the taxes and insurance can a quick claim deed be sufficient?
a quit claim deed has nothing to do with who is obligated on a mortgage. whoever signed the loan note is always obligated for payment until such time as that loan is paid in full.
My ex has signed a quit claim deed for our home but my current husband and I can not afford to refinance in our name. It was going to make our interest rate go up almost 2%. Will having his name remain on the note make it impossible for him to buy another home, though he is not financially responsible for the home his name is on?