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Is quitclaim deed a way to remove co-borrower from title?

Posted on: 22nd Dec, 2005 09:28 am
I Claudia am the borrower on a house I have just bought a year ago. My brother Frank is the co-borrower he wants off on the house as far as ownership an off the credit report. Will a quick claim deed work for us?
hi claudia,

welcome to mortgagefit forums.

quick claim deed or quit claim deed is a procedure by which your brother can take his name off the title and the transfer the title ownership of his part to you or some other.

but the mortgage will remain in his name even after the deed. to take his name out off the mortgage refinance may one good option.

the mortgage can be refinanced and can be put in your name only.

you can refer this discussions "can quit claim remove name from title?" and "can quit claim deed transfer mortgage debt?" to get more idea.

please ask if you have any more queries.

god bless you.

for mortgagefit,
samantha
Posted on: 22nd Dec, 2005 09:38 am
I own a house with my father. I am the only one that lives here as my father lives in the UK. I cannot file for homestead exception as both of our names are on the deed. Will a quick claim deed work for us to transfer the house into my name only so I can file for homestead exception???
Thanks Julie
Posted on: 09th Jan, 2006 12:32 pm
Hi Julie,

Welcome to MortgageFit Forums.

Quit claim deed will work for you under this condition. You can go for it but involve an attorney in the process to have everything done as per legal requirement.

God bless you.

For MortgageFit,
Samantha
Posted on: 09th Jan, 2006 12:44 pm
my parents bought a house in 1979. when my father past away I married and two or three years past and she changed the name of the house under her and mine name, we have the homestread exeption too. My question is does my husband have right of the house if we divorced??
Posted on: 10th Jan, 2006 11:34 am
Hi LA,

Welcome to MortgageFit Forums.

It is good to see that you want to be aware of the things well in advance, though I don't want any divorce in your life.

Since your husband's name is not on the deed, He will not be eligible for any ownership rights after a divorce. If you include his name in the deed , then that can make him hold title ownership rights even after divorce.

Feel free to ask if you any more doubts.

God bless you.

For MortgageFit,
Samantha
Posted on: 10th Jan, 2006 11:42 am
Hi Samantha,

Thanks for your promtly reply. If I put my husband's name in a quick claim deed, does he still have rights, if we do not go to a lawer only to record his name?
Or if I take of my mothers name and the house will only be under my name does he then has rights?
I have another question, If i change the house under a company name who has rights for the house
Posted on: 10th Jan, 2006 12:16 pm
Hi LA,

Welcome to MortgageFit Forums.

If you put his name in the deed then he becomes the owner of the title provided the deed is made in authentic form and witnessed by a notary.

If you take your mother's name off the title then it doesn't make him the title holder in case of a divorce so far his name is not in the deed.

The person's name on the deed will have the ownership rights to the title even if converted to a company.

But I shall advise you, that involve an attorney whenever you want to do anything with the deed to be safe.

God bless you.

For MortgageFit,
Samantha
Posted on: 10th Jan, 2006 12:32 pm
Hi LA,

I am trying to answer the first part. A deed is valid when it is signed by the grantor which is witnessed by one or more witnesses and acknowledged by a notary public.

Thanks
Posted on: 10th Jan, 2006 12:53 pm
Hi Samatha,

I'm currently trying to buy a home in AZ which is going to be auctioned off on Friday. The owner of the home wants to do a quick claim deed and I'll pay him $1,000.00. What will happen after the quick claim deed is done? Who will then be responsible from the liens and will the attorney still be able to auction the house off?

Thanks for your help!
Confused.
Posted on: 10th Jan, 2006 07:04 pm
Hi Guest,

If the house is going to be auctioned, then you can opt to buy it provided you can afford the cost. But if the owner wishes to do a quit claim deed, I would say that you leave out the idea of buying this house.

The quit claim deed will allow the current owner to transfer his property interest and the title of ownership. Any liens on the property should be dealt with by you, as you will be having the ownership rights.

In this case, it is better not to buy such a property because if the present owner does not pay off all existing debts and the liens are not removed in time, then the creditors may take away the property. In such a case, you will not be able to occupy that property.

God Bless You.

Thanks.
For MortgageFit,
Samantha.
Posted on: 10th Jan, 2006 07:40 pm
Hi,

I shall agree with Samantha. It is better that you look for some other property and take some time before you find a suitable property.

Thanks.
Posted on: 10th Jan, 2006 07:51 pm
If I have ownership in the house, couldn't I get a new loan to pay off the exisiting loans?
Posted on: 11th Jan, 2006 08:03 am
Yeah, you can have the new loan.

Once you get the ownership, you can easily go for new loan so that you can have to pay the lesser interest rate.

Thanks
Posted on: 11th Jan, 2006 08:07 am
My mother bougt me a house and has is in her name because I didn't have good enough credit. Will adding myself or husband with a quick claim deed give the right to file homstead exemptions.
Posted on: 11th Jan, 2006 01:09 pm
Hi Mariellen,

You can file for homestead exemptions by your proof of ownership recorded through a quit claim deed.

The property should be your permanent home or the permanent home of a person who is legally or naturally dependant on you.

If it is a jointly held property, all the owners of the property must file.

Regards,
Blue
Posted on: 11th Jan, 2006 01:28 pm
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