Posted on: 02nd Aug, 2007 03:40 am
my daughter and her boyfriend bought a condo. the mortgage was taken out in her name b/c she had better credit. now, they are breaking up--she would like to have him take over the mortgage and ownership. is a quit claim deed good for them to do? what should they do? thank you
hi linda,
a quitclaim is used to transfer the ownership of a property. it does not help to transfer the loan. to get rid of the loan, you can refinance it with a new loan.
for a similar discussion on your query, you can refer to:
http://www.mortgagefit.com/discuss/about2007.html
a quitclaim is used to transfer the ownership of a property. it does not help to transfer the loan. to get rid of the loan, you can refinance it with a new loan.
for a similar discussion on your query, you can refer to:
http://www.mortgagefit.com/discuss/about2007.html
Linda, your daughter's boyfriend should be able to qualify to refinance the mortgage in his name. If he can qualify for refinance then they shouldn't face much problem with ownership transfer.
At the time quit claim deed is made, necessary procedures can be completed to refinance the loan in his name. They should contact the mortgage company and tell them about their intentions of transferring house title and to refinance the mortgage in his name.
Miller
At the time quit claim deed is made, necessary procedures can be completed to refinance the loan in his name. They should contact the mortgage company and tell them about their intentions of transferring house title and to refinance the mortgage in his name.
Miller
Your daughter should not quit claim her interest in the home until it is known that her boyfriend will be able to refinance the mortgage in his name.
If he is not able to qualify for a refinance then your daughter will get stuck with a mortgage in her name without any rights over the house.
If he is not able to qualify for a refinance then your daughter will get stuck with a mortgage in her name without any rights over the house.