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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?
My mother owns a house that is paid for, only taxes are owned. My brother had a Quick Claim Deed on the property. Who has ownership, how can this be reversed to my mother as the soul owner, so that can execute a will with all of childrens list as part owner of the propert. Thanks Much
Posted on: 17th Jan, 2006 12:43 pm
Hi Wonder,

I have answered a similar query here. Kindly check it

Feel free to ask if you have any more doubts.

Regards,
Blue
Posted on: 17th Jan, 2006 12:53 pm
i did a gift deed to my husband. since then we have divorced, in the divorce he gave all rights of property to me. haw may i have his name removed without an attorney.
Posted on: 21st Jan, 2006 12:41 pm
hi vicki,

welcome to mortgagefit forums.

actually it is always advisable to settle these matters at the time of divorce as later on it may bring some unwanted problems forward.

anyways, it is not late for you still. you can remove his interests in the property through a quit claim deed. you can prepare the deed yourself.

but i have seen a lot of problems in real estate matters due to ignorance on our part. so, as your friend, i shall suggest you to get the deed prepared by an escrow office or an attorney.

it is always better to be on the safe side.

god bless you.

for mortgagefit,
samantha
Posted on: 21st Jan, 2006 12:52 pm
Since my husband & I refinanced the company we went with made a mistake and only put the loan in my husbands name. they told me not to worry the house is still in my name but im not responcible for the loan. Is this true?
If so why did I have to sign all those papers also and they all say borrower's with both are names listed. im confused.
what happens if he dies am i then responcible for the loan?
thanks
Posted on: 25th Jan, 2006 04:37 am
Hi, Terrie

Yeah, that was a mistake and what they have said to you is WRONG. If something happen you are one who is responsible for all the things related to loan.

Get all these things sorted out Terrie. The common formula of life is not to live in dilemas, clear up all the things as whats happed with is you is not correct.

Thanks
Posted on: 25th Jan, 2006 05:21 am
Yeah Adonis, I agree with you. She was misleaded by the company.

Get things clear dear as in the long these things can put you in some trouble.

Hope you will clear all these things. If required you can take the attorney help.
Posted on: 25th Jan, 2006 05:29 am
my mother and I are owners of a house, she had a car accident five years ago, it was my mothers fault. The people whom my mother had the accident are put her in court or are trying to go to court, is she in risk of losing her house
Posted on: 26th Jan, 2006 07:59 pm
Hi,

I can understand that you are in some problem at this point of time. Whether your mother will lose her home, depends on the amount the court will claim. If it is affordable, then she will be able to keep the home. But in case it's a huge amount then there is a chance of your losing the house.

I think you should immediately consult an attorney as he can suggest a better way out of this problem.

Thanks,
Jerry
Posted on: 26th Jan, 2006 08:19 pm
I baught a house in my name for a friend because she had bad credit. Now she wants me to quick claim it over to her, but I don't know if it is the right thing to do, and what I will be responsible for in the long run. What should I do and shouldn't do, and what are my rights legaly.

kim
Posted on: 27th Jan, 2006 05:55 am
You said that you bought it for her, so whats the harm if she is asking you to transfer to her. Whats your concern Kim??

Yeah now comes the responsibility in the long run. You should pass all the liability to her but again may be your lender will not allow as her credit is not good so the lender will not be sure about the payment part which she is going to make.

You can consult to the local attorney on this. Legally you have the property and and now its upto you to decide wether to transfer or not.

Maddy
Posted on: 27th Jan, 2006 06:02 am
My mother wants to give me her house so that she no longer owns the house but will still live in it. Can she just give me the house without me having to pay inheritance tax? Do I have to buy the house from her and if so, does she have to sell it at the value of the house or can she sell it for any amount that is less than the value?
Posted on: 29th Jan, 2006 09:08 am
Hi

See there are many ways if you are really interested in the house.

It’s going to be all family affair can be done smoothly.

The simple thing would be is show that you bought the property from your mother and you pay for it but actually you don’t have to pay for it.

And legally it will be shown that your mother has sold it to you. I think this whole process will involve small cost which you can bear it I hope.

Thanks
Posted on: 29th Jan, 2006 09:15 am
if two people are divorced and then do a quick claim deed to transfer names on houses to one another - is there a transfer tax in Pennsylvania
Posted on: 10th Feb, 2006 12:24 pm
Hi,

Welcome to MortgageFit Forums.

There are certain taxes which need to be paid during a property transfer through a quit claim.

Please refer this section on tax implications for more detail.

Get back to us if you have further queries.

God bless you.

For MortgageFit,
Samantha
Posted on: 10th Feb, 2006 12:49 pm
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