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Quit Claim Deed?
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kerher728

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PostPosted: Thu Jun 07, 2007 8:06 pm    Post subject: Quit Claim Deed?
If two people are unmarried, but living together and are both listed on the morgage, is there a reason to file a Quit Claim Deed if one party moves out and wants a clean break with no interest in the house or being bought out? How would someone go about this so as to get their name off the mortgage (quickest way possible as she has to move ASAP for personal safety issues)?
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Icon Mini Profile jameshogg
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PostPosted: Thu Jun 07, 2007 9:30 pm    Post subject: RE: How to remove name from loan
Hi Kerher,

Welcome to forums.

I would like to know whether you wish to get your name off the title or the loan or both. If you wish to get your name off the title, then filing a quitclaim makes sense.

However, you will still have to continue with the loan. On the other hand, if getting your name off the loan is what matters, then you need to inform your lender about this first and then probably he would agree to a refinance or a novation.

In case you wish to know more about Novation, you may refer to a community discussion on this topic.

Thanks.
 
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kerher

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PostPosted: Thu Jun 07, 2007 9:55 pm    Post subject: Quit Claim Deed?
Thank you for quick response. Realistically I would like my name off both the title and the loan. So I guess my next step would be the lender and see if they are willing to work with me.
 
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Icon Mini Profile colin
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PostPosted: Fri Jun 08, 2007 1:23 pm    Post subject:
Quote:
If two people are unmarried, but living together and are both listed on the morgage, is there a reason to file a Quit Claim Deed if one party moves out and wants a clean break with no interest in the house or being bought out? How would someone go about this so as to get their name off the mortgage (quickest way possible as she has to move ASAP for personal safety issues)?

Thank you for quick response. Realistically I would like my name off both the title and the loan. So I guess my next step would be the lender and see if they are willing to work with me.


Hi Kerher,

Welcome to Mortgagefit forum.

As James said a quit claim deed can be used for the purpose of removing you from title of the house. But I must also tell you that lender would require the mortgage to be paid off or refinanced (if lender does not agree to novation) in his name as he will be holding title.

For that lender will check if he can qualify for the refinance or not and if he cannot meet the qualifying requirements then lender may not agree to refinance.

So what you need to do is contact the lender and let him know about your plans of moving out of the house and ask whether he can qualify for the refinance. If lender does not agree to refinance the loan in his name then do not sign on the quit claim deed.

The reason is if you do sign you will lose your rights over the house but would remain on the loan and liable to make the payments. If in future he defaults on the loan then your credit will also be affected as you are also named on the loan. And if some years down the line you wish to purchase a house on your own this existing mortgage will show up on your credit report and affect your purchase.

Do not give away your rights on the house until you are sure that he will be able to refinance the mortgage.

Colin
 
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