Posted on: 31st Jul, 2007 08:57 am
can i quit claim deed a house in my name that my daughter is paying for? she was having difficulty with the mortgage company she was going through and so we put the home in my name. however she makes the monthly payments, taxes, interest, etc. this home is in texas and is listed as my second home, never to be occupied by me, according to the mortgage.
"Can I Quit Claim Deed a house in my name that my daughter is paying for? She was having difficulty with the mortgage company she was going through and so we put the home in my name."
Yes Jayne you can quit claim the house to your daughter but it may require the mortgage to be refinanced in her name too as ownership will change.
Yes Jayne you can quit claim the house to your daughter but it may require the mortgage to be refinanced in her name too as ownership will change.
"Can I Quit Claim Deed a house in my name that my daughter is paying for?"
You mean to say that you are presently the owner of the house and want to quit claim it to your daughter, right?
As Miller said you can use a quit claim deed to transfer the house to her.
But talk with the lender before the transfer to know if refinance will be required or if she can continue to make the payments without the need to refinance.
You mean to say that you are presently the owner of the house and want to quit claim it to your daughter, right?
As Miller said you can use a quit claim deed to transfer the house to her.
But talk with the lender before the transfer to know if refinance will be required or if she can continue to make the payments without the need to refinance.
Hi Jayne,
I suppose you want to do the quitclaim for making the home your primary residence. But in that case, you will have to pay off the loan for which your daughter is making the payment now. The lender will possibly ask to refinance the loan in your name because of the title change.
I suppose you want to do the quitclaim for making the home your primary residence. But in that case, you will have to pay off the loan for which your daughter is making the payment now. The lender will possibly ask to refinance the loan in your name because of the title change.
"She was having difficulty with the mortgage company she was going through"
You mean she had credit problems? If that is so then before going through with the ownership transfer and refinance, check if she will be able to get qualified for the refinance now.
You mean she had credit problems? If that is so then before going through with the ownership transfer and refinance, check if she will be able to get qualified for the refinance now.
I purchased a home in California, my daughter and son in-law now live with me in that home. My daughter's home was lost in the financial mess, as they had to do a short sale. I would like to retire and the mortgage payment would not leave me sufficient money to live comfortably once I retire. Can I quit claim the house to my daughter and son in-law, in order to purchase a smaller, and less expensive home with a lower mortgate payment. If so, what penalties would I incur, if any.
Hi Delia Lugo!
Have you taken the mortgage for your daughter's house? In that case, transferring the property through a quitclaim deed will not serve your purpose. Your daughter and son-in-law will have to refinance the property when you quitclaim the property in their name. After they refinance, you will be free from the mortgage payments and then you can apply for another loan to buy a new home.
Thanks.
Have you taken the mortgage for your daughter's house? In that case, transferring the property through a quitclaim deed will not serve your purpose. Your daughter and son-in-law will have to refinance the property when you quitclaim the property in their name. After they refinance, you will be free from the mortgage payments and then you can apply for another loan to buy a new home.
Thanks.
I believe you misunderstood me, I purchased a home in California, my daughter and son in-law bought their home 5 years ago, but in a different city in California. My daughter's home is in a Short Sale status, but about to be purchased. I am on the deed of my home. My daughter and son in-law moved in with me, as they were going to rent, and in this way they could help with the mortgage. I want to buy a smaller home, with a lower mortgage payment. I would like to have my daughter and son in-law take over my mortgage on this house, so I can purchase a smaller one. Of course, since they had to short sell their home, I would like to Quit Claim my current home to them, in order to free me to purchase another house. Can I do so, and if so, do I incur penalties from the IRS, or bank.
Hi Delia!
You will have to quitclaim the property in your daughter and son-in-law's name. Once the property ownership is transferred, your daughter and son-in-law can be able to refinance it provided if they qualify for the loan. This will free you from the liabilities of paying the mortgage on your current house. As far as I can understand, you will not have to pay any penalties.
Thanks,
Jerry
You will have to quitclaim the property in your daughter and son-in-law's name. Once the property ownership is transferred, your daughter and son-in-law can be able to refinance it provided if they qualify for the loan. This will free you from the liabilities of paying the mortgage on your current house. As far as I can understand, you will not have to pay any penalties.
Thanks,
Jerry