Novation - Transfer mortgage to another individual

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carla

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Post Posted: Wed Jan 07, 2009 7:36 am    Post subject: deeds
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hello, i recenctly married, i want to know if my husband name will automatically be added to my deedtile of my house as i had the house prior to our marriage.
Arlene

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Post Posted: Wed Jan 07, 2009 11:27 am    Post subject: quit claim
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My divorce will be final next week. Due to new circumstances with my soon to be ex husband, I don't want the house. I plan on moving out of state. With the quit claim, will that free me of any mortgage obligations?
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Post Posted: Thu Jan 08, 2009 12:13 am    Post subject:
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Welcome,

To carla,

As far as I know, your husband's name cannot be automatically added to the property title. You will have to sign a quitclaim deed to add him to the property deed.

To Arlene,

No, signing a quitclaim deed will help you in giving away the ownership of the property to your husband. Once the quitclaim deed is signed, your husband needs to refinance the property in his name. Once your husband refinances, you will be released from the liability of paying the mortgage dues.

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Khadi

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Post Posted: Mon Jan 12, 2009 5:22 pm    Post subject: Transfer to a Corporation
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I recently purchased a home and would like to transfer it either to a non-profit organization or a for-profit corporation. Can I do that?
Icon Mini Profile Niicss
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Post Posted: Tue Jan 13, 2009 1:46 am    Post subject:
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Hi Khadi

If you have a mortgage on the property, then there are chances that the lender will not agree for such a transfer. If the property is free and clear, then you will face no problems in transferring.

Thanks.
Tien

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Post Posted: Thu Feb 26, 2009 10:36 am    Post subject: tranfer debt and deed
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My parents have been having a hard time paying their mortgage. Both have lost their jobs a few years back and have been living off of their savings. They want me to take over the payments and put the house in my name. Would this be a novation and quitclaim? Can I do this myself or do I need a real estate attorney?
Icon Mini Profile adonis
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Post Posted: Fri Feb 27, 2009 12:12 am    Post subject:
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Hi Tien,

Your parents will first have to quitclaim the property to you. Once the quitclaim deed is notarized and filed, you will have to refinance the mortgage in your name. Novation is also a process if transferring the mortgage but lenders prefer refinance over novation.

While filling out the quitclaim deed, you can take the help of an attorney but for refinancing the loan, you will have to contact the lender.

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Post Posted: Fri Mar 06, 2009 3:40 pm    Post subject:
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Thanks adonis! I also looked into an assumption on my parents loan. Still waiting on that. I also ask an Attorney for some guidance and he pretty much said what you said. I was trying to see if there was anyway I can avoid the fees and closing cost with the refinancing. There is. Mom could do a sale that is "subject" to the existing mortgage loan. Loan and house stays in Moms name but the documents for the sale would say that I will be responsible for paying the mortgage. There is a slight risk however, if the lender see the sale on the title, then they will call the loan due triggering the due on sale clause. That's if the lender doesn't care. Little bit of a risk. There you go. I had to pay $200 bucks for that info. Now someone can have it for free. Thanks again!
Richard purves

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Post Posted: Tue Mar 10, 2009 3:08 pm    Post subject:
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I got divorced over a year ago, signed a quitclaim deed when we divorced. she has now foreclosed on the mortage. i thought she would have to get my name off the loan, she never did now this is on my credit. what do i do? Thanks
Icon Mini Profile Niicss
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Post Posted: Sat Mar 14, 2009 3:38 am    Post subject:
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Hi Richard

As your name was on the mortgage, you were liable to pay the mortgage along with her. But now as the property has been foreclosed, your credit score will be equally affected due to it. Moreover, the lender may come after you for the deficient amount.

Thanks.

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cousins

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Post Posted: Sun Mar 15, 2009 10:53 pm    Post subject: quitclaim
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two cousins own home one wants out and other can not refinance one that wants out will quitclaim will this work and will the one who quitclaims have any rights to house if something happens to the other
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Post Posted: Mon Mar 16, 2009 2:41 am    Post subject:
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Hi cousins

The cousin who quitclaims the property to the other will not be able to claim the property if something happens to the other cousin. Moreover, if the other cousin can't refinance the property, then the one who quitclaims the property will still remain liable for the mortgage.

Thanks.

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Ruth Leosz

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Post Posted: Sun Apr 26, 2009 7:18 pm    Post subject: novation/quickclaim deed
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a relative of mine owns a house with her ex fiance, who badgered her into buying it. His mother is a cosigner on the mortgage. My relative has been paying the mortgatge/the ex fiance has only paid $800 of it. The ex fiance has been stalking and harrassing her, he doesn't live at the house, (IS AWAY AT SCHOOL)but has threatened to move in against my relative's wishes. She wants out of the agreement. What, if any, are her options?
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Post Posted: Mon Apr 27, 2009 7:10 am    Post subject:
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Hi

Quote:
She wants out of the agreement.


Was there any written agreement between your relative and her ex fiance? Is he listed on the title to the house? If he is not on the title, then he cannot claim his interest in the house and thus cannot move in without your relative's permission.
LaShonda

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Post Posted: Fri May 08, 2009 6:50 pm    Post subject: Mom is going into nursing home with a mortgage
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Hello to all. My mom has a mortgage through USDA Rural development. We have recently placed her in a nursing home. Her name is the only name on the mortgage. My brother and I have started making the mortgage payment. What are my options as to getting the deed/title placed in one of our names? I am allowed to speak to the USDA rural development on her behalf about the house. I just want to get the house in one of our names while she is competent. Or should we just let her draw up a will leaving the house to us? Please help if you can.
Thanks.
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