Posted on: 21st Jan, 2010 05:34 pm
My Fiance' and I split 2-years ago.
We are both on the mortgage note although I have always made the payments.
And I can't refinance to get her off the loan because my condo is grossly upside down.
The lender won't let me assume the loan in my name only.
She is hesitant to sign the QuitDeed and I don't blame her.
She worries that if she signs over the title, she will will have unsecured debt. Is this possible, the lender has the lien on the property, what difference does the title make if it is changed from Joint Tenancy to Indiviudal?
She worries, the QuitClaim Deed will somehow hurt her future buying power.
We understand that the mortgage loan will always haunt her until it is paid off.
But will it haunt her regardless of how the title is written?
How is a future lender gonna check to see how the title is written on her pre-exisitng mortgage loans.?
What are her Pro's and Cons regarding a QuitClaim Deed?
Thanks so much for your help,
Robert from San Diego, CA
We are both on the mortgage note although I have always made the payments.
And I can't refinance to get her off the loan because my condo is grossly upside down.
The lender won't let me assume the loan in my name only.
She is hesitant to sign the QuitDeed and I don't blame her.
She worries that if she signs over the title, she will will have unsecured debt. Is this possible, the lender has the lien on the property, what difference does the title make if it is changed from Joint Tenancy to Indiviudal?
She worries, the QuitClaim Deed will somehow hurt her future buying power.
We understand that the mortgage loan will always haunt her until it is paid off.
But will it haunt her regardless of how the title is written?
How is a future lender gonna check to see how the title is written on her pre-exisitng mortgage loans.?
What are her Pro's and Cons regarding a QuitClaim Deed?
Thanks so much for your help,
Robert from San Diego, CA
Hi Rob,
If she quitclaims her share of the property to you, it will not affect the mortgage lien on the property. The lender would also not mind if you make changes to the property title, as long as you are making payments on time. However, if you default on the mortgage, the lender will foreclose the property to satisfy the mortgage lien.
The quitclaim deed will not release your fiancée from the mortgage liability. I think she is concerned because she will be responsible for the mortgage, although she will not have any rights to the property. The quit claim deed will not affect her future buying power. But, yes, her buying power will definitely be limited due to the mortgage, which will still be in her name. When she applies for a new mortgage, the current loan will be taken into account while the lender will determine her debt-income ratio prior to approving the mortgage.
If she quitclaims her share of the property to you, it will not affect the mortgage lien on the property. The lender would also not mind if you make changes to the property title, as long as you are making payments on time. However, if you default on the mortgage, the lender will foreclose the property to satisfy the mortgage lien.
The quitclaim deed will not release your fiancée from the mortgage liability. I think she is concerned because she will be responsible for the mortgage, although she will not have any rights to the property. The quit claim deed will not affect her future buying power. But, yes, her buying power will definitely be limited due to the mortgage, which will still be in her name. When she applies for a new mortgage, the current loan will be taken into account while the lender will determine her debt-income ratio prior to approving the mortgage.
Thanks for explaining the QuitDeed Claim!
My ex-fiance signed as a result.
Glad that's over with!
Can't thank you enough!
Rob
My ex-fiance signed as a result.
Glad that's over with!
Can't thank you enough!
Rob