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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.81 Dollars($)
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Hi Kay,
Welcome to Mortgagefit discussion board.
These two types of deeds are used in property transfer. But there is a difference in when they can be used.
Using a warranty deed the seller or grantor provides warranty to the buyer against any type of title defects and that the title is clear of any type of liens. While a quit claim deed just transfers whatever interest the grantor has and does not provide any warranty against defects to the title.
Now in your situation as there is a mortgage on the house, a warranty deed cannot be used as using such a deed you will not be providing your sister a clear title. You will need to use a quit claim deed instead.
On the quit claim deed you will be named as the grantor and your sister the grantee. Before transferring the house to your sister contact the lender and discuss this issue. You need to know if he will allow the mortgage to be refinanced in her name or not. If he does then you will not have any obligation left over the house or the mortgage.
You have posted a very similar question in this section also, please click here to read what other members have commented upon it - http://www.mortgagefit.com/predeal/about6595.html
Do let me know if you have any other questions.
Thanks
Blue |
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mari
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Post subject: quit claim deed |
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| IF I QC MY HOUSE TO SOMEONE, WILL I LOSE RIGHTS TO MY HOUSE? DON'T I NEED TO PUT MY NAME IN THE GRANTEE AS WELL TO BE MORE PROTECTED? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: Are property rights protected after quit claim |
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Hi Mari,
Welcome to the forums.
I guess you want to add someone to the title to your property. So, for that purpose, when you sign the quitclaim deed, you should mention yourself as the grantor and the transferee and you as the grantee. This ensures that the property will be owned by both of you. But the percentages of your and the transferee's share of interest will be different.
It is better that you consult an attorney to prepare the deed for you and get it signed by a notary public before you get it recorded at the office of The Registrar of Deeds.
Thanks,
Sara |
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medmaree
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Post subject: quit claim deed |
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| Can I file a bankruptcy,and it not involve my ex husband and the house I quit claimed to him in the divorce? This was in July of 2006.Thank you. |
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Jack Higgins
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| Quote: | | Can I file a bankruptcy,and it not involve my ex husband and the house I quit claimed to him in the divorce? |
You must have quit claimed the house to your ex husband as per the divorce judgment. So such transfer of property will not be considered as fraudulent transfer of assets by bankruptcy trustee. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: RE: Alternative to bankruptcy |
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Hi Medmaree,
Welcome to the forums.
Why do you want to file bankruptcy? Are you into some debt problems. You can freely share it with this community. May be we can find out some alternative for you.
Thanks,
Jerry. |
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Jonathan
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Post subject: Partial Quitclaim? |
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Hi,
My parents own a house that I have made improvements on. To ensure my investment they have agreed to give me a 20% interest by putting me on title. Can a quitclaim be used for this? Will this also cause the mortgage to be due? |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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Hi Jonathan,
Welcome to Mortgagefit forum.
Yes a quit claim deed can be used to transfer part of the ownership of the house to you. On the deed your parents will be named as the grantors and you the grantee. After is notarized and recorded, you will become co-owner along with your parents.
As the title ownership for the house will change the lender can ask for the mortgage to be paid off. For this reason, you need to contact him first and know if your parents would be allowed to continue the mortgage.
Colin |
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maria
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Post subject: quit deed |
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| i'm a single mom and having diffulty paying for my mortgage, i thought maybe i can do a quit deed to my son who has a good job, is this good? |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.81 Dollars($)
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Hi Maria,
Welcome to Mortgagefit discussion board.
Quit claiming the house will not transfer the mortgage. The deed will only transfer ownership of the house. For transferring the loan it will have to be refinanced in his name.
You should contact your mortgage company and tell them that you wish to quit claim the house and have the mortgage refinanced in your son's name. At the time quit claim deed is made, refinance document will also be created for transfer of mortgage in his name.
As he has a good job he should not have any problem in qualifying for the refinance. But first of all get in touch with the mortgage company & know if your son would be allowed to refinance the mortgage in his name or not.
Do let me know if you have any other questions.
Thanks
Blue
_________________
Lets help each other. Try my blog |
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judy morrison
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Post subject: quick claim deed/refinance |
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| my son and his girlfriend bought a house in march, they now have split up, both names on mortgage...both put in equal amts for the down payment which was only 5%...she has left...he wants to keep the house..they have a piggyback mortgage...he wants to keep the house...not sure if he will be able to assume the 1st mortgage, he is trying...should he just try to refi the whole ball of wax? it is not a va or fha mortgage...will the assumption criteria be more stringent?....what is his best option? credit score is over 700...makes 58,000 a year, trying to get a 2nd job ...HELP |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE: get rid of piggyback loan |
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Hi Judy,
Welcome to our forums.
Assuming a mortgage occurs when one buys a home owned by some other person. The buyer takes responsibility of the seller's loan. But in this case, there is only a title transfer taking place. So, the best thing in this scenario would be to refinance the piggyback (may be a cash-out refinance) and pay off the second loan as much as possible because this must be having a higher rate of interest.
It's wise to do away with the higher interest loan first. Your son's credit score seems to be good, and if he takes another job, getting the loan won't be that difficult.
good luck 
_________________
Mortgage Shopping made easy with booklet |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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| Quote: | | my son and his girlfriend bought a house in march, they now have split up, both names on mortgage...both put in equal amts for the down payment which was only 5%...she has left...he wants to keep the house..they have a piggyback mortgage...he wants to keep the house...not sure if he will be able to assume the 1st mortgage, he is trying...should he just try to refi the whole ball of wax? it is not a va or fha mortgage...will the assumption criteria be more stringent?....what is his best option? credit score is over 700...makes 58,000 a year, trying to get a 2nd job ...HELP |
Judy, he should also look at the possibility of assuming (as you said he is looking into it) the first mortgage and refinance the second one in his name.
By assuming the mortgage the benefit would be that the rate will remain the same.
But he will need to calculate which will be more beneficial, refinance both into a single loan or assume the first and refinance the second. Check with which options there is going to be more savings in term of monthly payments and then decide the best option.
It also a fact that lender agreeing to allow the first mortgage payments be assumed by him are difficult. Let us know what happens.
Miller |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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Hi Judy,
How long have your son thought of staying in the house?
If he stays in the house for a certain period of time, then the interest on this refinanced loan may help him to cover the closing cost. |
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Maria
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Post subject: Quit deed |
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| My parents have recently purchased a home in Texas for me and I contributed $20,000. for the downpayment. (They contributed $30,000). I am currenlty making the mortgage payments but would like to have the house in my name for several reasons. I would like to claim taxes on the property since I am the one paying the mortgage on the house, if in the future my parents decide to sell the home, I want to make sure I have rights to the 20,000 down payment on the home and no other sibblings claim any profits on the home. Will a quit deed be the best way to go about it and would I have to refinance the home on my own. What if I don't refinance and just keep paying the mortgage payments as I have? |
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