Posted on: 24th Oct, 2010 09:46 pm
my soon to be ex wants to continue paying the mortgage for the house for me and the kids until the house is paid off. since he is making the payments, he wants to refinace the loan under his name only and change the title to my name.
what is the best way to do this..a quit claim?
if the mortgage changes to his name only, does that mean that he can refinance anytime without my consent?
what are the tax implications (now and when the home is paid off)?
what happens if he defaults on the loan or he dies before the loan is paid off?
is there a better way?
thanks in advance for any help.
what is the best way to do this..a quit claim?
if the mortgage changes to his name only, does that mean that he can refinance anytime without my consent?
what are the tax implications (now and when the home is paid off)?
what happens if he defaults on the loan or he dies before the loan is paid off?
is there a better way?
thanks in advance for any help.
Hi jojo!
Welcome to forums!
You can sign a quitclaim deed and transfer the property to your ex. This will make him the owner of the property and he will then refinance the mortgage in his name.
If the property is solely in his name, then he can refinance the loan any time without your consent. As the property and the mortgage will be in his name, the lender will not be able to come after you in order to recover it's dues. After his death, his heirs will be able to claim the property. You will not be able to claim the property as your name is not mentioned on the property deed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can sign a quitclaim deed and transfer the property to your ex. This will make him the owner of the property and he will then refinance the mortgage in his name.
If the property is solely in his name, then he can refinance the loan any time without your consent. As the property and the mortgage will be in his name, the lender will not be able to come after you in order to recover it's dues. After his death, his heirs will be able to claim the property. You will not be able to claim the property as your name is not mentioned on the property deed.
Feel free to ask if you've further queries.
Sussane