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ancho84 · Joined: 21 Jan 2009 Posts: 2 1.95 Dollars($)

Hi!

My mother and her ex have a mortgage on a mobile home in Texas with really high interest rate so she would like to refinance it. She would like to, however, only refinance it in her name and also have ownership transferred to her. What form does she need her ex to sign so that she can refinance the mobile home loan with a different bank and with her as the only owner? She is currently residing in NY, and he lives in Texas. I also live in Texas and will be taking care of this paperwork.

All help is greatly appreciated!

jameshogg · Posted: Wed Jan 21, 2009 11:10 pm Post subject:

Hi ancho,

Your mother will have to ask her ex to sign a quitclaim deed in order to transfer the property in her name. Your mother will have to use a quitclaim deed of that state where the property is located. Once the ex signs the quitclaim deed, it needs to notarized and recorded at the county recorder's office where the property is located.

Thanks

ancho84 · Joined: 21 Jan 2009 Posts: 2 1.95 Dollars($)

Will the quitclaim be useful to do the refinancing? She wants to refinance from Greentree to a different company or bank.

jameshogg · Posted: Thu Jan 22, 2009 10:09 pm Post subject:

Hi ancho,

A quitclaim deed is used to transfer property from one person to another. Once the ex signs a quitclaim deed in your mother's name, she can then refinance the property with any lender provided she has a good credit score and income history.

Thanks

Guest

First, you will need to check with the State of Texas, Dept. of Motor Vehicles, to see if their is a Certificate of Title on the Mobile Home. If their is, there is also probably a lien noted on the title to Greentree. You will not be able to change ownership as long as that lien is on the title. That means, Greentree will have to agree to release part of their collateral, which is the ex-husbands signature, which they probably won't do without a new loan application and approval process. Next, if the mobile home has become a permanent part of any real estate, you will need to visit your local register of deeds office to see how the property is currently titled, and to see whether a mortgage exists on the property (instead of a lien on the title). If the property is owned by both persons, the ex can execute a properly prepared QuitClaim Deed and she can record it in the Register of Deeds office which will transfer the property, subject to any outstanding liens, etc. If there is a mortgage, or in some states, a Deed of Trust", to Greentree filed on the property, the ex-husbands name will stay on the mortgage until it is either paid off, or re-financed, but if he has quitclaimed the property to her, she will be the only owner of the real estate and mobile home.

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Quit Claim, Refinance? Texas

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