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colin · Posted: Fri Nov 03, 2006 1:51 pm Post subject:

TWhite it seems you got it wrong, the boyfriend will be quit claiming the house to Sue’s mother. Smile

If the transfer is considered a fraudulent transfer of property to avoid the tax liability then the court can cancel such a transfer. It also depends if a lien has been placed on the property for the payment towards tax dues.

Let me also tell you that the transfer is considered fraudulent conveyance/transfer if at the time of transfer there is no valuable consideration given to the other person towards such a transfer of property which has a lien on it for the payments to the creditors.

But as you have said there are no judgments against the house, it seems the tax lien is not attached to the house and it can very well be transferred over to your mother.

But TWhite was correct about the refinance of the mortgage, as whether house is transferred to your mother or if it is the other way, the mortgage liability is still present for the other person and to remove boyfriend's name from the mortgage, you will have to talk with the lender to have the mortgage refinanced in your mother's name or if the lender agrees to have a novation of the mortgage.

Colin

jameshogg · Posted: Fri Nov 03, 2006 2:07 pm Post subject:

Hi Sue,

Caron · Posted: Sun Nov 05, 2006 11:46 pm Post subject: RE:

Hi Guest,

Guest

I recently helped my daughter to buy a home by putting up 20% of the purchase price as an investment. However due to a lender requirement the deed was drawn up as She with her spouse as joint tenants with 85% interest and me with my spouse as joint tenants with 15% interest all as tenants in common. Can she and her spouse quitclaim the extra 5% to me and my spouse to make it an 80/20 split.

blue · Posted: Wed Dec 27, 2006 5:25 pm Post subject:

Hi Guest,

Welcome to Mortgagefit boards.

Yes that is quite possible. A quit claim deed can be prepared stating such transfer of interest.

But one important thing is that before creating the deed you discuss this issue with the lender. As this is a minor change in the ownership share I am sure the lender will not have any objection to it.

Do share you other doubts with us.

Thanks
Blue

helping_user

Hi Jen,

Your daughter can quit claim her 5% share of interest to you. This will entirely depend on whether she is willing to transfer her share of interest. However, if she has already signed on the loan, she needs to ask the lender about it.

Thanks

Guest

my brother is trying to get me to sign a quit claim deed because I am going to file for bankruptcy. he thinks they will take the house. i live here and he doesn't.

sara

Hi Guest,

Welcome to the forums.

I guess your brother wants you to transfer him your property through quit claim. He feels that it will help you save your home from being listed as a non-exempt asset in bankruptcy and probably being taken away by creditors.

Well, whether your creditor will take away your home depends upon the type of bankruptcy you file and if it is listed as non-exempt asset.

I found a similar topic - What happens to home after filing bankruptcy being discussed by our community. Hope it will help you.

You may surely come up with additional queries. I shall be glad to help you out.

Thanks,

Sara

Guest

Hi. I have bad credit but a great job and income to afford a 3000/month mortgage. I want to buy a house jointly with my parent to avoid higher interest rate. My parent would be a silent owner and I would pay the mortgage. If we buy a loan jointly how will my credit affect the loan if hers is great? Also, if she buys the mortgage ad puts me on the title deed how will my taxes be affected if I pay the mortgage? Can I get credit for it? Thanks.

helping_user

Welcome Margokatt.

Guest

hi
my parents put me on the title of their home as well as on the mortgage aboout eight years ago, they did this in the place of a will. ive never made a payment nor have i used it on my taxes. in fact i rent an apartment and have been doing so for the past year and a half how will this affect me when i buy my house, can i get on a first time homebuyer program.

adonis · Posted: Mon Feb 12, 2007 10:35 pm Post subject:

Welcome Claudia,

You can qualify for a first time home buyer program. But then your mortgage payments on the previous house should have been made on time as otherwise it can prevent you from qualifying for a home buyer program.

Guest

I am co borrower on hoem with my cousin. She is on loan with me because my credit score was not high enough to get it alone. To get this property transferred in to my name only can I have my cousin quick deed property over to me? And her name and ownership on property is turned over to me.

Guest

Yes Littleme, quit claim deed can be used to transfer her share in the property to you but her name will remain on the mortgage as she is a co-borrower. If your cousin wants her name removed from the loan then it will have to be refinanced in your name.

Michael

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