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 alessiasmith
Joined: 17 Jun 2006
Posts: 2
0.15 Dollars($)
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 Posted: Sat Jun 17, 2006 7:56 pm Post subject: quick deed |
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Hi there,
my husband and I have a house with mortgage on it, we are both co-owners on the loan, we would like to put the house only in my name, but the bank said I would have to refinance it, reapply for a new mortgage, I am a stay-home mom and no bank would lend me the money, so our bank suggested a quick deed, where the house would be just mine but we would both be responsable for the payment, is that true? my husband would have the responsability to pay but the house would not be his? we are doing this to avoid that the property shows as his in a child support case, do we have other options? thank you so much for an answer. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 746
Location: OHIO
140.95 Dollars($)
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| Posted: Sat Jun 17, 2006 8:24 pm Post subject: RE: co-ownership on loan but single ownership of property |
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Hi Alessia,
Welcome to our forums.
Your bank has given the right suggestion indeed. You can be the sole owner of your property and even then you as well as your husband can be both responsible for the mortgage. By this I mean, that your husband can get a loan from the bank and be the principal borrower. You will then be the co-borrower which implies that if your husband fails to pay off the loan, then you will be liable to pay it off as you will be the owner of the property.
Regarding the transfer of ownership, I shall suggest that you go for a title deed which conveys title from one owner to another. This is preferable compared to a quit claim deed which will transfer a share of interest in the property to you but it does not guarantee the transfer of title. Since this is a legal matter, I believe one should have authentic proof of such property transfers and that is why I feel a title deed is the best option for you.
Hope this will be of your help.
Regards,
Jessica. 
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1486
Location: florida
251.25 Dollars($)
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| Posted: Sat Jun 17, 2006 8:34 pm Post subject: RE: Is it necessary to Refinance? |
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Hi Alessia,
I don't think you need to go for that refinance. After all, from what Jessica says, I think you can carry out a title deed in order to put only your name on the property. Why waste a lot of money in doing a refinance and paying the loan fees when you have another option with you.
I"ll say that you can consult with the bank officials if they would do without a refinance and then take the decision.
Do let us know if you have any other query.
Best of luck!
Caron. |
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berry
Guest
0.10 Dollars($)
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| Posted: Thu Jun 29, 2006 4:45 am Post subject: quickclaim deed |
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| My ex-fiance and I purchased ten acres of land. Now that we've split he's signed a quick deed to relinquish all his rights to the property. What does this mean for us or me where the bank loan is concerned. Can he go and break the binding contract at the bank without my consent. |
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mac_7
Guest
0.10 Dollars($)
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Wanna know
Guest
0.10 Dollars($)
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| Posted: Mon Aug 07, 2006 6:04 am Post subject: options |
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| My wife and I purchased a home, but I am the only one on the loan. We want to add her to the loan. What is the quickest/easiest way to do this? Do I have to re-finance? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 746
Location: OHIO
140.95 Dollars($)
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| Posted: Mon Aug 07, 2006 9:46 am Post subject: RE: Quickest way to add name on mortgage |
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Hi,
I don't think you need to refinance. Your query has already been answered here.
Feel free to ask if you have any other query.
Regards,
Jessica.
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Home buying made simple with Community booklet |
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