REMOVING MY NAME

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MY MOTHER AND I ARE SHARING A MORTGAGE TOGETHER BUT I WANT TO TAKE MY NAME OFF. I WAS TOLD TO DO A QUIT DEED IN ORDER TO REMOVE MY NAME. IS THIS TRUE?

laphillips · Posted: Sat Aug 23, 2008 10:36 am Post subject: REMOVING MY NAME

Welcome ogmal60,

Generally a quit claim deed conveys ownership and transfers financial responsibility in regard to property taxes, etc. BUT DOES NOT change any obligation under a mortgage.

To remove your name from the mortgage you need to pay off the current loan through a refinance or sale of the property.

Has your mother considered a refinance of the current obligation through the use of a reverse mortgage? This is only for those over the age of 62 and could ease any financial burden since no payments would be involved. For more information regarding reverse mortgages http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

Good Luck

liaoyu03 · Joined: 09 Sep 2007 Posts: 213 9.09 Dollars($)

quit claim is a good way to transfer property among the famliy members, but it can not be used to transfer the mortgage.

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