Posted on: 15th Aug, 2007 11:44 am
I am divorced and both my name and my ex's name is on our mortgage loan. If my ex-husband wants me to have the house. Can I keep the same rate of interest and do a quitclaim deed so that the home loan is in my name only? Then, can I keep the same rate of interest and continue the same monthly payments on my loan as previously??
Hi
Welcome to Mortgagefit discussion board.
"Can I keep the same rate of interest and do a quitclaim deed so that the home loan is in my name only?"
A quit claim won't result in transfer of mortgage in your name. It will remain in both names until it is refinanced in your name.
Change in title from what it was when mortgage was taken normally results in lender demanding the mortgage to be refinanced by the new owner or paid off. So it is difficult to say whether lender would agree to let you continue the payments under the terms of existing mortgage.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
"Can I keep the same rate of interest and do a quitclaim deed so that the home loan is in my name only?"
A quit claim won't result in transfer of mortgage in your name. It will remain in both names until it is refinanced in your name.
Change in title from what it was when mortgage was taken normally results in lender demanding the mortgage to be refinanced by the new owner or paid off. So it is difficult to say whether lender would agree to let you continue the payments under the terms of existing mortgage.
Do let me know if you have any other questions.
Thanks
Blue
know more why quit claim deed will not transfer the mortgage from here - can quit claim deed transfer mortgage debt?
Hi K,
After the divorce, if your husband wants you to have the house in your name, then he has to sign a quitclaim deed for transferring his ownership rights over the house. On signing the deed, you will be getting complete ownership of the house.
But you cannot use the quitclaim deed to transfer the loan in your name as this type of deed is only used for property transfer and not for loan transfer. After change in title of the property, the lender may ask to refinance the loan in your name.
And if you refinance with a loan of the same rate, then the rate will be fixed and you will be able to continue the same payments as before.
After the divorce, if your husband wants you to have the house in your name, then he has to sign a quitclaim deed for transferring his ownership rights over the house. On signing the deed, you will be getting complete ownership of the house.
But you cannot use the quitclaim deed to transfer the loan in your name as this type of deed is only used for property transfer and not for loan transfer. After change in title of the property, the lender may ask to refinance the loan in your name.
And if you refinance with a loan of the same rate, then the rate will be fixed and you will be able to continue the same payments as before.