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quit claim deed

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Jenna Guest 0.10 Dollars($)	Posted: Thu Mar 01, 2007 10:57 pm    Post subject: quit claim deed My finance and I have been living and paying the mortgage on my mother's house for 7 years. Everything is in her name as far as the property is. I am wondering what options we may have to turn everything over into our names and start receiving some of the benefits to owning your own place. Is it best to do a quit claim first and then talk with the mortgage company or other way first? Is it likely that the mortgage company will allow such a thing to happen?
helping_user Joined: 31 Mar 2006 Posts: 720 Location: Hawaii 134.62 Dollars($)	Posted: Thu Mar 01, 2007 11:10 pm    Post subject: RE: transfer property Welcome Jenna, I think you should first talk to the mortgage company and find out if they will allow you to do a quitclaim. Only then you should proceed towards using the deed. The company may ask you to refinance the loan in your name and at the time of settlement you can change the title too. Thanks.
carnahandavid Joined: 21 Dec 2006 Posts: 239 58.40 Dollars($)	Posted: Fri Mar 02, 2007 1:30 pm    Post subject: Quote: Is it likely that the mortgage company will allow such a thing to happen? The company will agree to have the mortgage refinanced in your name if you have a good credit score, stable income and less amount of other types of debt. The lender is only interested to know whether repayment of his mortgage is secured or not. A good credit score and stable income on your part gives the lender that security based on which he can agree to a refinance. But before you proceed discuss this whole issue with the mortgage company to know what they have to say on this. David
sara Joined: 05 Jul 2006 Posts: 1063 Location: New Brunswick, New Jersey 201.78 Dollars($)	Posted: Sun Mar 04, 2007 11:40 pm    Post subject: RE: benefits of owning home Hi Jenna, It's good to hear that you are thinking about getting the benefits of home ownership. If you have bought the home with a mortgage, then you may be able to deduct a certain percentage of the loan interest from your taxes. This is the tax deduction benefit provided to mortgage loan borrowers. But they need to itemize their deductions instead of going for standard deduction. You may refer the section on Mortgage Interest Deduction to understand how the calculations are done. Thus, when you go for itemized deductions, you save in taxes and can invest the savings into some other kind of investment and get suitable returns. Thanks, Sara

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