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

jameshogg · Posted: Thu Nov 02, 2006 1:47 pm Post subject:

Hi Mikki,

It is quite sad to hear about your mother's condition. Your friends have told you the correct thing to do. By using a quit claim deed your mother will be able to transfer her interest in the house over to you.

After her condition worsens it might not be possible for her to take legal decisions on her own.

But you mentioned there is a loan on the house for which she is also the co-borrower. Even after the transfer of the house in your name, your mother would still be liable for the payments. You will have to get the loan also transferred in your name by way of a refinance. You should get in touch with your lender and discuss the situation you are in.

James

helping_user · Posted: Thu Nov 02, 2006 10:52 pm Post subject: RE: Take over property legally

Hi Mikki,

You will not lose the house, at least not your share of interest in it and regarding the part of property owned by your mother, if nobody claims it, you can very well use it. But yes, if you are thinking about taking over her interest legally, as she will not be in a position to take decisions in legal matters, you can make her sign a quit claim deed and transfer her interest to you. It's better to do the quit claim before her condition gets worse.

One more thing, you being the primary borrower and your mother, the co-borrower, it's not necessary that you need to take her name off the loan. Since you are the primary borrower, the lender will be more concerned about your payments towards the repayments and not your mother's.

Thanks

Guest 0.10 Dollars($)

My mother and boyfriend hold the mortgage on their house, unfourtunatly the boy friend has not been paying the mortgage since my mother is under the care of hospice. He is willing to do a "quick claim" deed by signing over the house to my mother. I recently found out that he has not paid his personal taxes for two years, so far I have not found any judgments agains the house, If my mother does a qucik claim deed, will she be liable for his debt? Should I put my name on the house, will I be liable for any judgements or leins, and what would happen if I sell te house after she pass's? Thank you and God Bless

Guest 0.10 Dollars($)

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 0.10 Dollars($)

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 0.10 Dollars($)

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 0.10 Dollars($)

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 0.10 Dollars($)

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.

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