Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

Transfer of home deed and mortgage

Author Message
Icon Mini Profile drskunk





Joined: 06 May 2007

Posts: 1

1.25 Dollars($)
Post Posted: Sun May 06, 2007 2:04 pm    Post subject: Transfer of home deed and mortgage
Like 0
Dislike 0

have been awarded the home in my divorce settlement and must transfer the property and mortgage out of joint name and into my name only. Can I do a quitclaim deed and just have my exhusbands name removed from the current mortgage?
Icon Mini Profile sara
sara
Moderator



Joined: 05 Jul 2006

Posts: 2642
Location: New Brunswick, New Jersey
488.01 Dollars($)
Post Posted: Sun May 06, 2007 9:41 pm    Post subject: RE: Can quitclaim remove name from loan?
Like 0
Dislike 0

Hi Drskunk,

Welcome to the forums.

You can get the property transferred in your name. But the loan cannot be transferred in your name through this process. In order to take your name off the loan, you need to talk to the lender and then get his consent. The lender may ask you to refinance the loan in your name. Or simply, he can allow you for a novation - a legal process of transferring loan from one person to another.

Take Care
Icon Mini Profile miller_st
miller_st




Joined: 17 Jan 2007

Posts: 918

168.95 Dollars($)
Post Posted: Mon May 07, 2007 2:47 pm    Post subject:
Like 0
Dislike 0

Hi Drskunk,

To get the property transferred in your name you can use a quit claim deed and when the mortgage is refinanced (in case lender does not allow novation), the quit claim deed can be made out for title transfer.

Miller
Icon Mini Profile kenstampe
kenstampe
Moderator

best lender badge

Joined: 22 Jan 2007

Posts: 145
Location: Dallas, TX
50.64 Dollars($)
Post Posted: Tue May 08, 2007 6:57 am    Post subject:
Like 0
Dislike 0

To be more exact, in regard to miller_st post above if you are going to refinance, the process will include perfecting the title to remove your ex-husband and put it fully in your name. That's not a 2 step process, but rather part of completing the refinance.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.081 seconds.