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 drskunk
Joined: 06 May 2007
Posts: 1
1.25 Dollars($)
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 Posted: Sun May 06, 2007 2:04 pm Post subject: Transfer of home deed and mortgage |
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| have been awarded the home in my divorce settlement and must transfer the property and mortgage out of joint name and into my name only. Can I do a quitclaim deed and just have my exhusbands name removed from the current mortgage? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1844
Location: New Brunswick, New Jersey
350.09 Dollars($)
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| Posted: Sun May 06, 2007 9:41 pm Post subject: RE: Can quitclaim remove name from loan? |
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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 |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.95 Dollars($)
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| Posted: Mon May 07, 2007 2:47 pm Post subject: |
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Hi Drskunk,
To get the property transferred in your name you can use a quit claim deed and when the mortgage is refinanced (in case lender does not allow novation), the quit claim deed can be made out for title transfer.
Miller |
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kenstampe
Moderator
Joined: 22 Jan 2007
Posts: 146
Location: Dallas, TX
50.64 Dollars($)
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| Posted: Tue May 08, 2007 6:57 am Post subject: |
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| 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. |
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