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

what is the difference between having your name on the title and/or having your name on the deed. I am co-owner of a house that I no longer live in. The other owner cannot afford to buy me out at this time but I do not want responsibility for the house, mortgage or otherwise. How can I protect my "share" of the equity in the house until I've been paid my share of the equity?

Hello Joaner,

If you are on the deed or the title, that helps you to get ownership rights on the property and also protects your share of the equity.

If you are not on the mortgage note, then you are not financially responsible for that.

my parents need to take out a loan and the house is rolled into the loan, the remainder of their mortgage was put into the loan as well as their credit card debt...the lender, is telling us that with my mothers income it is not enough to get her approved and that she should put me and my brother down as additional income, seeing as we live in the house, accept rent as aonther form of income...i asked the lender if i am put on the loan as paying rent, how can i get off of the loan, i would not be a borrower, i would simply be put down as extra income, he said if i want to get off the loan papers, i oculd fill out a quit claim deed to release my name from the papers. is this all true? becuz i see here that i must pass along my interest to a grantee but i simply want to remove myself of the loan, so how could i go about that? is the quit claim viable for this? and will it affect me down the road? thanks!

Hi Beth,

Welcome to the forum.

Are you on the deed? As far as I know an owner of the property can quitclaim. So if you are on the deed you are also an owner of the property and can quitclaim but that will only transfer the property. It will not release you from the mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Hello,
I have seveal questions regarding Quit Claims
I own 20% of a property in NV and would like to quit claim the property into an newly formed LLC. All the other investors are on the existing title and loan. Do all the investors need to sign the quit claim?
Does the Quit claim form need to be notarized in the state (NV,AZ)that the property exists or can I get the quit claims notorized in the state I live (CA)? Will I be exemt from transfer taxes in this situation?
The main reason to Quit claim is for asset protection.

Hi benny,

I've already replied your query at http://www.mortgagefit.com/quitclaim/transfer-llc.html#47661 . Please take a look at it.

Regards,

Jessica.

I am in the process of a died in lieu of foreclosure with a lender on a property that I purchased in 2005. My wife is not on the loan for that property. We are now living in another home which is very valuable and are both on the loan for this house. I am considering signing the home that we wish to keep over to my wife to protect us from a deficiency judgement in the event that the lender on the foreclosed property tries to come after MY assets. My thinking is that if I sign the home we live in to my wife and she is not on the loan for the foreclosed home they cannot come after any of her assets - i.e. our current home. Is this possible?

Hi Rob,

Welcome to the forum.

If you quitclaim a property just before filing deed in lieu or foreclosure process, then it may be considered as a fraudulent conveyance. As far as I know lender don't ask for Deficiency Judgment if they accept the DIL.

Feel free to ask if you have any further questions.

Best of luck,
Larry

my sister and i have a house together that my father left us. she wants out from under the house. she does not live in it, and the house is a financial burden to her. i do not live in the house either.
i want the house, she is thinking of filing bankruptcy on her end.
would a quit claim deed work in this situation?

Hi Richard,

Welcome to the forum.

If she quitclaim before filing BK, it may be considered as a fraudulent conveyance. So I think you can buy her out. That means you will pay her of for her share of the equity in the property and she will transfer her share of property to you.

Best of luck,
Larry.

I'm in the process of getting divorce after one year of marriage. Before my husband left , he sign a quick claim deed to me because I was the one that pay for the house and I have been making the payments and other things. Now he is mad and wants to take the house back. Can he has any right to do it ? Thanks

Welcome brenda,

Legally your husband shouldn't have the right as because he has quitclaimed his share of property to you. Only if you agree, he can get back his share. I suggest you talk to a divorce lawyer and see what he has to suggest. By the way, who's on the mortgage?

My mother owns a home and has added my sister, my brother and I as co-owners on the deed. My mother is in the process of selling her home. My sister and mother are not speaking to one another. My mother wants to remove my sister's name from the deed in order to sell the house. My sister has stated she will not sign to sell the house. What steps can be taken to make the house sell go forward or to remove her name from the deed. She will not sign a quit claim.

Hi Mitch!

Welcome to Forums!

I can well understand your mother's situation. One thing which she can do is that she may offer an amount to your sister and ask her to transfer the rights of the house in your mother's name. This process is known as "buyout co-owner".

You can know more about partition lawsuit from an earlier forum discussion.

However, if your sister and your mother are in a joint tenancy or under a tenancy in common, your mother will have the right to partition. This means that she can go to the court and dissolve the tenancy and then the assets will be distributed among the various tenants. In this case your mother will have to sell the property.

Thanks...
Jerry

what happens to the property and mortgage when one party dies and is the coborrower ?