Quitclaim home to wife, with an existing mortgage

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My wife and I have a loan on our house, of which both of us are on the loan, title, deed, etc .... I wish to quit claim deed the house to her because in my line of work I run the risk of being sued ( even though I have not, ... knock on wood ). I don't mind still being responsible for or having to make the payments. I jsut want to insure we have and/or keep our house, and it seems like a sensible way to protect your home from suit.

Would the lender for her to then have to refi in her name only? Or, would they not care as long as the payments kept coming in.

jerry · Posted: Mon Sep 22, 2008 3:49 am Post subject:

Hi Shawn!

Welcome to MortgageFit Forums!

If you are still not sued or if you are able to still pay the mortgage amount regularly, then you will face no problem in quitclaiming the house to your wife. If that is not the case, then it will be taken as a fradulent transfer. Moreover, quitclaiming the property in your wife's name will only transfer the title in her name. In order to transfer the mortgage in her name, you will have to either go through the process of novation or refinance the house. Lenders generally prefer refinancing.

Lenders will not mind if the payments are coming in regularly. However, you can apply for refinancing.

Hope this will help you.

Thanks,
Jerry

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