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My son bought a house 3 year ago. I cosigned with him. My name is on the house deed, but not on the mortgage. Now my son is married and I want to remove my name from the deed. What are the consequences? Do I have to fill out any form like 709 at the time of tax return? Please enlighten me.

Thanks

chrisgummerson · Posted: Fri Jan 20, 2012 4:27 pm Post subject:

If you co signed, then you would be on the loan, or mortgage. If you are on the loan, you cannot be removed without refinancing or selling the home. If you are only on title to the property and NOT on the loan, then you can be removed by completing the Quit Claim Deed. Contact a local title company and they can let you know who is on title and how to prepare and record the proper deed. Look over the loan docs or call the lender to see if you are on the loan as a co signer. Good luck!

adonis · Posted: Sun Jan 22, 2012 10:28 pm Post subject:

Hi jill,

You will have to fill out a quitclaim deed and transfer the property to your son. This will help you in removing your name from the property deed. As far as taxes are concerned, speak to a tax advisor and take his opinion in this regard.

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