 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 840
Location: Orange County, CA
130.00 Dollars($)
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 Posted: Thu Nov 12, 2009 1:46 pm Post subject: |
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>>What are the negative implications if i wanted to quit claim the deed to her so she would be on the mtg. What are the benefits?
A Quit Claim wouldn't add her to the Mortgage, only Title. She needs to qualify for the mortgage and be on it with you in order to be on the Mortgage Note.
>>Would the lender allow me to quit claim the deed so she will only be on the title.
No, Lenders don't allow that. However, a lot of people have done it. The Lender can't tell Title has been altered unless you miss mortgage payments. Miss payments and they'll starting looking into you more and see the Title was modified, and then the due-on-sale clause can be initiated by them.
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Raymond
www.ResponsibleReverseMortgages.com |
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