Posted on: 07th Jul, 2007 05:14 pm
I forgot to ask about the quit claim situation. Will the other co-owners have to be notified if my mom quit claims her percentage to my daughter?? Also, is it difficult to get the mortgage for my daugher right after a quit claim? I mean is there a waiting period? Does the mortgage company look at the time she acquired ownership of this property and how she acquired this. I want to be honest about this entire process, but I need to help my mother ASAP and I want to do this all in less than 30 days!
Will the other co-owners have to be notified if my mom quit claims her percentage to my daughter?? ===>
Fhgcompany, your mother owns 70% and other 30%, if only your mother's share is transferred then other co-owners need not be notified. But if total ownership will be transferred in your daughter's name then they will have to be notified and their signatures will also be required for transferring ownership.
Does the mortgage company look at the time she acquired ownership of this property and how she acquired this. ===>
Mortgage company would want to know if she has full ownership clear of any liens or not and if she does have complete ownership then there will not be any problem. And how she acquires it will not be an issue.
Also check this page ( http://www.mortgagefit.com/propertytransfer/loanapproval-poorcreditscore.html ) for answer to your other questions.
Miller
Fhgcompany, your mother owns 70% and other 30%, if only your mother's share is transferred then other co-owners need not be notified. But if total ownership will be transferred in your daughter's name then they will have to be notified and their signatures will also be required for transferring ownership.
Does the mortgage company look at the time she acquired ownership of this property and how she acquired this. ===>
Mortgage company would want to know if she has full ownership clear of any liens or not and if she does have complete ownership then there will not be any problem. And how she acquires it will not be an issue.
Also check this page ( http://www.mortgagefit.com/propertytransfer/loanapproval-poorcreditscore.html ) for answer to your other questions.
Miller
"Will the other co-owners have to be notified if my mom quit claims her percentage to my daughter??"
Avirtuelady, for quit claiming her share of interest other co-owners need not be informed/notified. She has the right to transfer her share of ownership to anyone she likes to without having to take permission from anyone.
Avirtuelady, for quit claiming her share of interest other co-owners need not be informed/notified. She has the right to transfer her share of ownership to anyone she likes to without having to take permission from anyone.
Hi Avirtuelady,
If your mom quitclaims her individual share of property to your daughter, then the other co-owners of the property need not to be informed at all. And your daughter will not face any problem to get a loan after the deed provided she gets the property without any loan obligations. In that case, she has to wait till the loan is paid off or refinanced by your mother.
If your mom quitclaims her individual share of property to your daughter, then the other co-owners of the property need not to be informed at all. And your daughter will not face any problem to get a loan after the deed provided she gets the property without any loan obligations. In that case, she has to wait till the loan is paid off or refinanced by your mother.