Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

Is quick claim a way to remove co-borrower from title?

Author Message
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor



Joined: 16 Sep 2005

Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
Post Posted: Fri Feb 10, 2006 1:49 pm    Post subject:
Like 0
Dislike 0

Hi,

Welcome to MortgageFit Forums.

There are certain taxes which need to be paid during a property transfer through a quit claim.

Please refer this section on tax implications for more detail.

Get back to us if you have further queries.

God bless you.

For MortgageFit,
Samantha

_________________
Know how to compare lenders with mortgage booklet
Crissy

Guest







Post Posted: Thu Feb 16, 2006 5:52 am    Post subject: Quit Claim Deed
Like 0
Dislike 0

Can I add 2 people to my propert using a quit claim deed in florida?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10267
Location: ALASKA
1046.07 Dollars($)
Post Posted: Thu Feb 16, 2006 5:55 am    Post subject: re
Like 0
Dislike 0

Yes you can and I dont see any harm in it.

Adonis
Icon Mini Profile ckalvesmaki

Community Expert
Community Expert



Joined: 28 Jan 2006

Posts: 378
Location: Dallas
56.51 Dollars($)
Post Posted: Thu Feb 16, 2006 7:53 am    Post subject:
Like 0
Dislike 0

Hi Crissy,
Check the terms on your note. The lender may have a clause that would allow them to accelerate the terms of your note if the deed is changed. In other words they can call your note due. It doesn't happen often but it can happen.

_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.

888-383-9019

emails and PMs gladly answered
www.freedommortgagetexas.com

Freedom Mortgage
I live in TX but cover all 50 states
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor



Joined: 16 Sep 2005

Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
Post Posted: Thu Feb 16, 2006 9:48 am    Post subject:
Like 0
Dislike 0

Hi Crissy,

Welcome to MortgageFit Forums.

Cedric has pointed out correctly. You can add 2 other people to your property through a quit claim deed.

But if any mortgage is there, it is better to get the lender informed as a quit claim may allow closing the terms earlier.

God bless you.

For MortgageFit,
Samantha

_________________
Know how to compare lenders with mortgage booklet
Paul

Guest







Post Posted: Thu Feb 23, 2006 12:14 pm    Post subject: quike claim
Like 0
Dislike 0

Whats the best way to put my name on my wifes house and is there charges for this
Icon Mini Profile ckalvesmaki

Community Expert
Community Expert



Joined: 28 Jan 2006

Posts: 378
Location: Dallas
56.51 Dollars($)
Post Posted: Thu Feb 23, 2006 12:28 pm    Post subject:
Like 0
Dislike 0

Go to your local title company and they can prepare the docs and record it for you.......there will be a small charge probably in the 50-75 dollar range.
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.

888-383-9019

emails and PMs gladly answered
www.freedommortgagetexas.com

Freedom Mortgage
I live in TX but cover all 50 states
Paul

Guest







Post Posted: Thu Feb 23, 2006 12:35 pm    Post subject: ?
Like 0
Dislike 0

My mom have had her house since 73 we plan on selling it for her care. Purchase a new house and use what left for home care. what type of taxes would she be needing to pay?
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor



Joined: 16 Sep 2005

Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
Post Posted: Thu Feb 23, 2006 12:55 pm    Post subject:
Like 0
Dislike 0

Hi Paul,

Welcome to MortgagegFit Forums.

Paying taxes on the sale of a home depends on some conditions.

I think this is the primary residence of your mother that you are talking about. In that case if she meets the ownership and tests, which I think she is going to meet, then she can exclude up to $250,000($500,000 on joint return) of gain from the sale.

To meet the ownership and use tests, she needs to have owned and stayed in the house as her principal residence for two of the last five years from the date the house is sold.

Temporary absences are not going to count unless it is for an entire year. If there is any gain amount in excess of $250,000($500,000 joint) exclusion, then that excess amount will be taxable even if your mother meets the ownership and use tests.

God bless you.

For MortgageFit
Samantha

_________________
Know how to compare lenders with mortgage booklet
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10169
Location: Nevada
944.91 Dollars($)
Post Posted: Thu Feb 23, 2006 1:16 pm    Post subject:
Like 0
Dislike 0

Hi Paul,

If it was a second home and not a primary or rental home, then your mother need to pay capital gains tax on the amount between the adjusted basis and the sales price. That will be 15% with Feds and more with the state.

Whether it was a primary residence (where you may get tax benefits), or a second home (where capital gain tax is required to be paid), you should take the help of a tax advisor.

James
Paul

Guest







Post Posted: Thu Feb 23, 2006 2:25 pm    Post subject: ?
Like 0
Dislike 0

Thanks for your reply's really appriciate it. So here is the sernarial. My mother owes 165000 and I believe the house is worth 650,000 she is the only one on title and its been her primary residence. she is retired. if I get added to the house would we be able to write upto the 500,000?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10169
Location: Nevada
944.91 Dollars($)
Post Posted: Thu Feb 23, 2006 2:59 pm    Post subject:
Like 0
Dislike 0

Hi Paul,

I don't think so as this rule is for married couples who may get double the exclusion of single home sellers.

Also, you need to pass the user test to get this benefit. Consult your tax advisor to find out if there is any possible way.

James
Icon Mini Profile ckalvesmaki

Community Expert
Community Expert



Joined: 28 Jan 2006

Posts: 378
Location: Dallas
56.51 Dollars($)
Post Posted: Thu Feb 23, 2006 8:12 pm    Post subject:
Like 0
Dislike 0

Paul have you considered a reverse mortgage? With the tax implications that may occur if you sell the house a reverse mortgage may be the better solution. You can take cash out on them and not have a monthly payment...as long as she is in the house it can be used........you can also get a monthly income for her long term care.
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.

888-383-9019

emails and PMs gladly answered
www.freedommortgagetexas.com

Freedom Mortgage
I live in TX but cover all 50 states
Icon Mini Profile pretana





Joined: 02 Mar 2006

Posts: 1

0.06 Dollars($)
Post Posted: Thu Mar 02, 2006 10:27 am    Post subject: Quitclaim Deed
Like 0
Dislike 0

I have a form with title (quitclaim deed) I need to take to mexico to have my wife put me on title. Is there a notory other than the embassy located there? Also the deed ask for sum of purchase do I put zero since I only want to be added?
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor



Joined: 16 Sep 2005

Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
Post Posted: Thu Mar 02, 2006 10:49 am    Post subject:
Like 0
Dislike 0

Hi Pretana,

Welcome to Mortgagefit Forums.

You may get the deed notarized by any person authorized to perform notarial acts by the laws or regulations of Mexico.

You may add a percentage in the share in the property in place of the price amount. Ask for suggestions from an attorney while filling up the form as he is the best person to guide you here.

Feel free to ask if you have more queries.

God bless you.

For Mortgagefit,
Samantha

_________________
Know how to compare lenders with mortgage booklet
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
 Previous  1, 2, 3, 4, 5, 6, 7, 8, 9, 10  Next  
Page 3 of 10

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.143 seconds.