Posted on: 10th Jul, 2007 05:57 am
I wanted to know are quit claims only used to transfer property from one party to another? If so is there a way to add a party to an existing mortgage without refinancing with both parties on a loan. is there something like a quit claim of some sort to add a person on with another person so that it reflects both parties as owners rather then one or transfering from one to the other
hi stacy,
welcome to mortgagefit discussion board.
quit claim deed can be used to transfer property to other person and also to include someone as a co-owner. both are possible.
the other thing that you have asked about the mortgage, to add another person to the mortgage, it will have to be refinanced. a new person cannot be added to an existing mortgage without refinance.
do let me know if you have any other questions.
thanks
blue
welcome to mortgagefit discussion board.
quit claim deed can be used to transfer property to other person and also to include someone as a co-owner. both are possible.
the other thing that you have asked about the mortgage, to add another person to the mortgage, it will have to be refinanced. a new person cannot be added to an existing mortgage without refinance.
do let me know if you have any other questions.
thanks
blue
"is there something like a quit claim of some sort to add a person on with another person so that it reflects both parties as owners rather then one or transfering from one to the other"
You can use a quit claim deed for the purpose of adding a person to the title. It is not that a quit claim deed can only be used for transfer of complete ownership to the other, it is also used to make someone co-owner.
Please go through this page to gain more knowledge on quit claim deeds and their use: http://www.mortgagefit.com/quitclaim-deed.html
Miller
You can use a quit claim deed for the purpose of adding a person to the title. It is not that a quit claim deed can only be used for transfer of complete ownership to the other, it is also used to make someone co-owner.
Please go through this page to gain more knowledge on quit claim deeds and their use: http://www.mortgagefit.com/quitclaim-deed.html
Miller
"I wanted to know are quit claims only used to transfer property from one party to another? If so is there a way to add a party to an existing mortgage without refinancing with both parties on a loan."
If one person has the mortgage in his name and another one is added to the title then mortgage will have to be refinanced or the loan be repaid in full.
If one person has the mortgage in his name and another one is added to the title then mortgage will have to be refinanced or the loan be repaid in full.
Hello Stacy,
You can use the quitclaim deed not only for the property transaction purpose, but also to add someone to the property. You must inform the lender that you are going to add someone as co-owner to the title of the property before making any deed. But to add him to the mortgage, he would have to be one of the owners of the property. And if you both remain in the mortgage and somehow become late in payments, it would affect both of your credit.
You can use the quitclaim deed not only for the property transaction purpose, but also to add someone to the property. You must inform the lender that you are going to add someone as co-owner to the title of the property before making any deed. But to add him to the mortgage, he would have to be one of the owners of the property. And if you both remain in the mortgage and somehow become late in payments, it would affect both of your credit.
My brother in law and I are co- owners of a home. I own 1/9th interest and him 8/9th. He went out and refinaced house without telling me and claimed he owned it out right. Is this fraud
Hi RedFish!
Welcome to forums!
If you're one of the owners of the property, then he did a fraudulent act by saying that he owns the property outright. You can contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're one of the owners of the property, then he did a fraudulent act by saying that he owns the property outright. You can contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane