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

warranty deed subject ot debt

Author Message
A.S.

Guest







Post Posted: Sat Dec 20, 2008 12:35 pm    Post subject: warranty deed subject ot debt
Like 0
Dislike 0

If I were to sign a warranty deed subject to debt to transfer the ownership of a property over to my partner while my name is still on the mortgage, how would that affect my credit (if it is currently good), and taxes for myself?
Icon Mini Profile jvanpetten





Joined: 20 Dec 2008

Posts: 5
Location: Alabama (www.alabamamgt.com)
3.22 Dollars($)
Post Posted: Sat Dec 20, 2008 1:23 pm    Post subject:
Like 0
Dislike 0

Most mortgages have a due on sale clause, you might want to look at your mortgage. The debt will show up on your credit unless you do a formal assumption with the lender. The taxes will show in the new owner's name once the deed is recorded and depending on your county/state when new tax rolls come out.
_________________
Jan Van Petten
Sr. Loan Officer
www.alabamamtg.com
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Sun Dec 21, 2008 7:30 pm    Post subject:
Like 0
Dislike 0

Hi A.S.!

Welcome to forums!

I agree with Jan Van Petten here. You should first check out the mortgage docs properly and look if there is a due on sale clause. If there is any such clause mentioned in the mortgage docs, your mortgage will become due immediately after you sell off the property.

Sussane
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 21.090 seconds.