Posted on: 07th Feb, 2008 12:26 pm
Hello there,
I want to take my name off the title to the house and leave just my girlfriend's name.
I will still be responsible for the mortgage.
What type of paperwork will we need?
I want to take my name off the title to the house and leave just my girlfriend's name.
I will still be responsible for the mortgage.
What type of paperwork will we need?
hi freemanblack,
welcome to the forum.
as it is a mortgaged property you cannot use a warranty deed. warranty deed can be used only when the title is free from any kind of lien. you can use a quitclaim deed. sign the deed as a grantor and your girl friend will be the grantee.
"i will still be responsible for the mortgage." yes you will still be responsible for the mortgage. not only that you will have to take permission from the lender before quitclaiming the property as it is a mortgaged property.
your girl friend will have to refinance the mortgage only on her name, but is she ready for that?
feel free to ask if you have any further questions.
thanks.
larry
welcome to the forum.
as it is a mortgaged property you cannot use a warranty deed. warranty deed can be used only when the title is free from any kind of lien. you can use a quitclaim deed. sign the deed as a grantor and your girl friend will be the grantee.
"i will still be responsible for the mortgage." yes you will still be responsible for the mortgage. not only that you will have to take permission from the lender before quitclaiming the property as it is a mortgaged property.
your girl friend will have to refinance the mortgage only on her name, but is she ready for that?
feel free to ask if you have any further questions.
thanks.
larry
Hi,
Welcome to Mortgagefit discussion board.
If the title is free from liens then you can use a Warranty deed or Grant deed. Otherwise you can use a quitclaim deed. Contact an attorney and he will prepare the deed for you.
These deeds only transfers property but not the financial liabilities. So the mortgage will be on your name if your girl friend does not refinance the mortgage.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
If the title is free from liens then you can use a Warranty deed or Grant deed. Otherwise you can use a quitclaim deed. Contact an attorney and he will prepare the deed for you.
These deeds only transfers property but not the financial liabilities. So the mortgage will be on your name if your girl friend does not refinance the mortgage.
Do let me know if you have any other questions.
Thanks
Blue
Seems to me that you would have to have the loan satified before you can take your name off the mortgage note, can she refinance with you as a cosigner? Is this an option?