Posted on: 28th Dec, 2005 04:45 pm
i am the co-owner on a property in dallas texas, i am wanting to take my name off the house and the mortgage will a quit claim deed do that or will i then still be held responsible if the house were reposessed after the quit deed was signed? can i use the form on your site or do i have to go through the county in which i live?
hi jwichman,
welcome to mortgagefit forums.
you can take off your name through the quit claim deed. by doing this your ownership title will get transferred to the co-owner's name. you are not going to be held responsible under that circumstance.
but you must be aware of the fact that if any mortgage is in your name then it will not get transferred through a quit claim.
to take your name off the mortgage you should go for a refinance and transfer the mortgage in the co-owner's name solely.
you can use the form available in our site for the purpose. you need to take out a print of the form. but as i suggest always, you should take the help of an attorney in the whole purpose.
feel free to post if you have any more doubts. you can refer this section for more information on quit claim.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
you can take off your name through the quit claim deed. by doing this your ownership title will get transferred to the co-owner's name. you are not going to be held responsible under that circumstance.
but you must be aware of the fact that if any mortgage is in your name then it will not get transferred through a quit claim.
to take your name off the mortgage you should go for a refinance and transfer the mortgage in the co-owner's name solely.
you can use the form available in our site for the purpose. you need to take out a print of the form. but as i suggest always, you should take the help of an attorney in the whole purpose.
feel free to post if you have any more doubts. you can refer this section for more information on quit claim.
god bless you.
for mortgagefit,
samantha
hi,
samantha is right, if you want that along with all the property right mortgage should also get transferred then i think quit claim will not be enough. for doing that you need novation.
novation is a process where the liability of a loan gets transferred from the original borrower to the new borrower under the approval of the lenders.
you should also to talk to an attorney regarding this.
thanks,
jerry
samantha is right, if you want that along with all the property right mortgage should also get transferred then i think quit claim will not be enough. for doing that you need novation.
novation is a process where the liability of a loan gets transferred from the original borrower to the new borrower under the approval of the lenders.
you should also to talk to an attorney regarding this.
thanks,
jerry
could you guys go into more details regarding novation. i'm trying to avoid refinance and possibly a higher mortgage payment.
It is a process in which the liability of a mortgage is transferred from the original borrower to the new borrower. It is only possible if the lender has no problem. But if you are trying to avoid refinance or a higher monthly payment then I think novation will be no help.
Zeal_Deal
Zeal_Deal
there two of us on the mortgage. it is my wish to have it solely in my girlfriends name will novation be of any help?
Hi,
Yes you can have your mortgage transferred to your girlfriends name through novation. But as you say that it is your wish that you need your mortgage to be transferred but until and unless your girlfriend and lender do not agree, you cannot transfer your liability.
Please free to ask if you have any more queries.
Thanks,
Jerry
Yes you can have your mortgage transferred to your girlfriends name through novation. But as you say that it is your wish that you need your mortgage to be transferred but until and unless your girlfriend and lender do not agree, you cannot transfer your liability.
Please free to ask if you have any more queries.
Thanks,
Jerry