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iwandawhy · Joined: 26 May 2009 Posts: 3 2.06 Dollars($)

question: my dad= co borrower .does not live in the house. he is 85 and wants to be deleted from the deed. due to his age . what will happen when he passes and his name is still on the deed, if /when i sell the house ..or if he is still on the deed how will this effect my ownership ? is it possible to remove his name before he passes? i am on disability ,have very little income .do not have money for refinance and probably will not qualify. i have been making payments (+extra on principal ,never been late) for 14 years on a 30yr note. the mortgage company sent papers to me for assumption,,, that also seems quite expensive. your feedback is appreciated...

jenkin7 · Posted: Tue May 26, 2009 10:01 pm Post subject:

Hi iwandawhy,

To remove your dad's name from the loan, you will have to refinance. Given the costs involved in the refinance and your present income, it does not look like a possibility. Thus, I would suggest you to keep his name on the loan as it is. If you keep making the payments, you have no fear of losing the house. If your father is also on the title to the house, he can prepare a will in your name and leave his portion of the property to you.

iwandawhy · Joined: 26 May 2009 Posts: 3 2.06 Dollars($)

would this will be added to his will he allready has> or would this be something he could write himself and leave for me? he has the kind of will that his estate will be split between his 3 kids,(includes me) if he does nothing then his part would be split between us... all that is ok too. except if i need to sell .. would there be a problem with the deed/title? thanks so much

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

iwandawhy your dad can give you a quitclaim.

iwandawhy · Joined: 26 May 2009 Posts: 3 2.06 Dollars($)

does quitclaim = his name goes off note , his financial responsibility remains?
if this is correct.. .. he is 85yrs. when he passes , will i have to refinance the house...i have been here 14yrs on a 30yr note.
i hope i am not over using this sight.. i do appreciate the replies. i am learning a lot

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Iwandawhy you are correct.

Quitclaim deeds transfer or "quit" any interest in real property. The grantor may not be in title at all, so the grantee cannot assume that the grantor has any real interest to convey. However, if the grantor were, say, married to the owner of the property, signing and recording a quitclaim deed in favor of the spouse would transfer any interest the grantor may have in the property to the spouse.

When he passes either you can continue to make payment or refinace based on your situation.

But also the loan documents may have certain condition on transfer if ownership. Please check that out.

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remove co borrower?