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a reese
Guest
0.10 Dollars($)
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 Posted: Thu May 25, 2006 7:02 pm Post subject: quit claim deed |
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| i have a mortgage on a home that i wish to quit claim to my fiance. i've got credit issues and i'd like to get the interest rate lowered. can this be done? we plan on selling this home eventually. |
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Niicss
Joined: 03 Oct 2005
Posts: 807
118.37 Dollars($)
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| Posted: Thu May 25, 2006 8:50 pm Post subject: RE |
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Hi Reese,
With the help of quit claim deed you cannot transfer the mortgage all you can do is transfer you rights and interest as this is what quit claim deed does. It does not transfer the mortgage.
If you want to transfer the mortgage to your fiance then you have to go for refinance. You can refinace the mortgage on your fiance's name, this way legally your fiance will have all the rights over the property and loan.
Thanks
_________________
Good is the Enemy of Great. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 539
Location: MICHIGAN
49.64 Dollars($)
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| Posted: Thu May 25, 2006 9:06 pm Post subject: RE: |
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Hi,
To get as low rate you should negotiate with the lender, but I doubt if he will agree as you have already started the deal, and all formalities are already over by now.
If he does not approve a low rate, you can choose to refinance but again whether you will get a rate lower than now will depend on the market rates at present.
Feel free to ask if you have any other doubts. This is a great community and you will find all kinds of people coming here and discussing on various issues.
Thanks,
jerry |
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Help
Guest
0.10 Dollars($)
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| Posted: Tue May 30, 2006 7:59 am Post subject: Quick claiming property |
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| I am currently married but thinking of divorcing my spouse. When we purchased our home, his credit wasn't sufficent so the loan for the home was taken out in my name only. He is interested in keeping the house but I wanted to know what options I had in regard to my credit if he failed to make timely payments etc..... If I quick claimed the house to him does that remove me from any liabilities are will I still be liable if something went wrong. |
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Niicss
Joined: 03 Oct 2005
Posts: 807
118.37 Dollars($)
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| Posted: Tue May 30, 2006 8:27 am Post subject: Re |
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The loan is on your name, so if he fails in making the payments then it will affect your credit score.
Quit claim deed only transfer the interest of the property not the mortgage, if your husband really serious about the home then you can ask him to refinance it on his name. This will release you from all the liabilities.
_________________
Good is the Enemy of Great. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Tue May 30, 2006 9:49 am Post subject: property and loan transfer |
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Hi,
Welcome to MortgageFit Forums.
If you wish to transfer your interest in the house to your husband then, I shall suggest you to transfer the loan along with it in your husband's name.
Through a quit claim deed only the property interest is transferred and it won't remove your liability from the loan.
To transfer the loan you need to either go for a novation or refinance the loan in your husband's name.
Talk to your lender and he will give you a possible solution on how to transfer the loan. But don't transfer your interest in the house if you fail to remove your name from the loan.
In that condition if your husband fails to meet the payments your credit record will be damaged.
Feel free to ask if you have any more doubts.
God bless you.
For MortgageFit,
Samantha
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Know how to compare lenders with mortgage booklet |
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Dennis
Guest
0.10 Dollars($)
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| Posted: Tue May 30, 2006 2:10 pm Post subject: Quit Claim Deed |
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| My x has asked me to sign a quit claim deed for out jointly held property. Within ten days I am supposed to get a check for my share of the value of the property (established by judgement). I do not trust her... What if her refinancing falls through? What if I don't get paid by her mortgage company? What if she is only getting a second on the home and I will still be liable for the existing mortgage? |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.05 Dollars($)
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| Posted: Tue May 30, 2006 2:27 pm Post subject: |
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Hi Dennis,
I can understand your worries. You are absolutely correct in anticipating the probable troubles in future.
I shall advise you to insist her on refinancing first and then you go for a quit claim deed. Just get in touch with your divorce attorney or any other good and seek his help.
He can guide you well with the proper approach.
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Lets help each other. Try my blog |
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Angel
Guest
0.10 Dollars($)
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| Posted: Tue May 30, 2006 2:34 pm Post subject: |
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Hi Dennis,
Generally the liability for the loan repayment is also mentioned in the divorce decree. Even if it is not mentioned you can take the help of your divorce attorney and take the matter to court.
But settling things at the time of divorce is better and with time things become more complicated. Consult a lawyer immediately and check out so that you are not in trouble in the future. |
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Debbie
Guest
0.10 Dollars($)
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| Posted: Wed Jun 07, 2006 7:49 am Post subject: Quit Deed Liability |
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| My boyfriend and I purchased a timeshare in Florida. We have now broken up. If I sign a quit deed on this proerty over to him will this relieve me of all financial obligations if he is to default on the laon? |
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Niicss
Joined: 03 Oct 2005
Posts: 807
118.37 Dollars($)
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| Posted: Wed Jun 07, 2006 7:59 am Post subject: RE |
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Hi, Debbie
Is your name there on the loan, if yes then if he stops paying the loan then it will also affect your credit. And quit claim only transfer the interest and the title not the loan.
_________________
Good is the Enemy of Great. |
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Rhonda
Guest
0.10 Dollars($)
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| Posted: Wed Jun 07, 2006 10:30 am Post subject: |
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Debbie,
Try to get the loan refinanced in your ex's name so that you can rid of the loan liabilities. But don't leave share of the property unless he agrees to get the loan refinanced in his name.
Otherwise you will lose the property but still be responsible for the loan payments. |
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Tub
Guest
0.10 Dollars($)
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| Posted: Thu Jun 08, 2006 7:15 am Post subject: |
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| I purchased a house about six months ago. The house has been nothing but problems. Everything is breakind down, the ac, the furnace, the water heater. I just can't afford to repair it anymore. I have a person willing to take over the house and wants me to quit claim it over to him. I have only had this house for about six months so, there shouldn't be too much equity if any. I am concern about being responsible for any taxes, particulary gift tax. Please help |
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mac_7
Guest
0.10 Dollars($)
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| Posted: Thu Jun 08, 2006 7:52 am Post subject: RE |
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| Is there any loan on your home, if yes then quit claim deed only transfer the interest not the mortgage(loan). And yeah some amount of gift tax should be there but i think consult your lawyer or your financial consultant, he can give you a better suggestion about how you should proceed. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.05 Dollars($)
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| Posted: Thu Jun 08, 2006 9:47 am Post subject: |
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Hi,
For tax implications on quit claim deed this discussion can be helpful to you. For more information and doubts kindly get back here.
Blue
_________________
Lets help each other. Try my blog |
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