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Is it easy to get off the title of a house if all are in agreement?

Posted on: 25th Sep, 2008 01:11 pm
My daughter is trying to remortgage her house at a lower interest rate. She also is trying to consolidate so will include this in the mortgage. She is dealing with a mortgage broker in Kentucky. She lives in the State of New York. They have a limited income and financial difficulties. In order to get them this new mortage, the broker is asking that I go on the title of the house. She says that once the mortgage goes through and after the first payment is made, all I need to do is go to a notary and ask to have my name removed from the title. My daughter, her husband and myself are all in agreement. I have done some checking and I have been hearing that it is not as easy as this and that I could run into problems. If I were not to get off the title, in the future, I would most likely run into problems barrowing as this would show as debt and we already have a mortgage on our own home. Please give me any advice you can, as I would love to help my daughter but can't if I will be unable to get off the title or if it is iffy.
hi maryanncantella!

welcome to forums!

as far as i know you can do a quitclaim deed in your daughter's name and remove your name from the title of the deed. and it is necessary that you record this in the county recorder's office. however, if you are a co-signer to the mortgage or a co-borrower, then you need to go for the process of novation to transfer the mortgage in your daughter's name.

feel free to ask if you have further queries.

sussane
Posted on: 25th Sep, 2008 08:29 pm
Hi maryanncantella!

Yes, to remove your name from the mortgage deed you will have to go for novation or refinancing. The lenders generally prefer refinancing.
Posted on: 26th Sep, 2008 01:47 am
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