Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

What are the tax implications of quit claim deed?

What are the tax implications of a Quit Claim? Who pays the property tax?

Thank you.

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jim.June,

Welcome to MortgageFit Forums.

Some states do charge fees for the transfer in terms of recording fees and some other.

If you are getting the ownership title through a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] then you are financially responsible for the property. In that case you have to pay the property tax.

You can also refer this discussion to know more about Tax implication if you sell property after quit claim deed.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jim.June,

If somebody quit claims the property to you it may be considered as a gift to you. In that case if the value is over $12,000 which is per year per person gift limit, he/she have to file a form (706 or 709) with his/her taxes which states to consider the excess amount of his/her gift as part of his/her $1 million lifetime gift exemption.

Then you will be responsible for paying capital gains taxes on it when sold based on its cost plus any improvements made.

Regards,
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My brother and family trust loaned me money based on the equity in my home and took out trust deeds to protect this money. The loans have been satisfied. I want to file a quit claim deed to remove the paid off trust deeds. Is this the best and only way to do so.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi FredB.

Since your loan has been paid off, you will be automatically getting back the title of ownership of your property. Only if you don't repay the loan, your trustee will sell off the property and pay the unpaid loan balance.

I don't think that you need a quit claim deed to remove the paid off trust deed, at least when the trust deed allows you to get back the title after the loan has been satisfied.

Regards,
Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Caron,
I hope you see this followup question regarding the quit claim deeds. The arrangements to pay back these family loans were very informal. In fact the money was never paid back and the loans were forgiven by the family. The trust deeds were placed on the property just in case something ever happened to me such as my death. I have been trying to get my brother to file the right documents but he is always too busy and it is not a priority for him right now. The second half of this issue is that my brother has been talking divorce and I don't want these Trust Deeds on the property and they then become an issue in what I know will be a nasty divorce. Is the quit claim still the best way to go?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi FredB.

I don't think that there is much to worry about this since your loan has already been forgiven by the family. I would advise you to collect all the necessary legal documents and approach your local attorney. Just talk to him about your situation. He will be the best person to tell you how to proceed further on this issue.

Thanks,
Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, FredB

To me, you look in too much bother about your issue. See but the fact is your problem is already solved if you look it from my place.

See the family forgave the loan so the mortgage issue is over right. According to you in trust deeds you name is there so automatically you gets the title of the property.

If you still have any doubts, then you can consult with the local attorney and show him all the legal documents.

Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A friend and I are purchasing houses, since he had the captial to purchase the first house he bought it and quick claim deeded it to me. I since gave him the money for the house. We are about to do it again, and started to think about the issues.
Do I need to document paying him the money he put up for the house for Taxes?
Would it be better for me to wait and get the capital myself ?

Since the cost of the house is fair we try and get it when we can, but is it better for me to wait?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi AKC,

Welcome to MortgageFit Forums.

Whenever you are getting the ownership rights for a property through a quit claim, it makes you financially responsible for the property. You need to handle the taxes of the part owned by you from then.

If you are prepared to afford the taxes, then you can have it now through quit claim. Otherwise you may wait and until you arrange the capital.

In any case I shall advise you to get every documented as it is very crucial in real estate matter.

Also, consult an attorney with the issue so that you do not face any problem afterwards.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it Quick Deed or Quit ?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi AKC,

Welcome to MortgageFit Forums. It is a good question that you have asked.

Often we do this mistake of stating it as a quick claim deed instead of quit claim deed which is the correct one.

Feel free to post if you have any more queries.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I made two gift deeds to each of my two daughtrers a few years ago. Now for tax purposes, they desire to give it back to me. Can this be done with a quit claim deed with no exchange of money between us?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi RGG,

Yes it can be done to transfer the ownership rights of the title back to you and there is no need to exchange money for the purpose.

But involve an attorney always to avoid any discrepancies.

James

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If my husband and I are divorcing and I am the only one on the loan, can I quit claim the house to someone else to avoid paying half

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Quit claim deed is meant for property transfer only and has nothing to do with the mortgage.

So, I don't think it will be wise to leave your rights of ownership on the house as the mortgage will continue to be in your name only. Since you are the only one whose name is on the loan, so you are still eligible for total repayment of the loan

If you want to quit claim to some one [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage along with it and transfer the mortgage in his/her name.

To avoid trouble, go for the refinance first and then quit claim and it's better to refinance it to your husband as none will accept, in my view half of the property against the total loan.

Regards,
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

does a quit claim affect the credit of the person. if so how long?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think not, until and unless there is not delay in payment and all.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother signed a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to me in 2005 for home that still has a mortage remaining. She is in bad health and unable to continue to pay the mortage payments. I rented the property out for about six months in 2005. Will I be able to claim all the tax deduction that are awared to rental property owner on my 2005 taxes.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi TC,

If your name is on the deed and you are renting the property then the rental income should be added to your income.

Any expenses made towards the maintenance or running of a rental property is tax deductible.

Following are the areas where you can get a tax deduction -

  • Any interest paid on a mortgage taken to improve rental property.
  • Any expense made for the repair of a rental property.
  • Rental property owners are entitled to a tax deduction whenever they drive anywhere for their rental activity. Also, they will get deductions for their hotel bills and meals.
  • If any part of your property in rent is damaged from an accident, then you will get tax deduction on the damaged part.
  • Any insurance paid towards the rental activity.
  • Fees paid to the attorneys, accountants, property management companies for operating your rental property is tax deductible.

So, I shall advise you to consult an attorney and check for any of these activities performed by you so that you get a tax deduction.

Regards,
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Once a quit claim deed has been signed over to someone, should the deed be taken to any branch of county or state office in which the property is located to be recorded by them for any reason, or just put away for safe keeping.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi TC,

Welcome to MortgageFit Forums.

For safety and avoiding future hazards the deed should be notarized and recorded with your local county's recorder office.

You can refer this section on quit claim deed for better understanding.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i purchased a railroad right away(abondoned years ago) from a former railroad subsidiary and my deed is a quit claim deed in pennsyvania. is it

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

sorry i hit wrong key. iam asking if my quit claim deed is valid for an abandoned railroad right of way i purched from a subsidiary of that railroad in the state of pennsylvainia

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

As per i know yeah the deed is a valid one. But still i need to look for more information about it.

may be i can give you more information later.

thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Skip,

Welcome to MortgageFit Forums.

A quit claim deed can be used to take possession of an abandoned railroad. But make sure that the railroad doesn't fall under government property.

There are some changes in the real state depending upon the state and to be safe it's better if you once consult a local real estate attorney and show him all the documents.

Get back to us if you have any more queries.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sir:

My two brothers and myself have two very elderly parents. They are near the time when caring for them is about 100% within the family. Secondly, one brother has very few finances and is now living with mom and dad and will need to live with them to help care of them and eventually live in the home after they pass.

The question I have we want to put the ownership of the home in two brothers names, and allow the thrid brother to live there, as well as take care of mom and dad.

Is a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url] the route to go to keep the home in the family.

thank you

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Beermeister,

Welcome to MortgageFit Forums.

It's nice to find that you care so much for the family. As far as I understand that you want the name of you and one of your brother's names on the deed.

A quit claim deed will allow you to do so. You should consult an attorney and involve him in the process and get the deed notarized.

Feel free to ask if you have any more queries.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,
My mother is 82 years old & is getting ready to finally pay off her house. I live with my mother & I'm disabled. She wants to make sure the house is protected if something happens to her.

Should she turn the house over to me after it is paid off?

Thank you,
LK

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

She should probably add you to title and get a will drawn up if there are other heirs.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lk,

Welcome to Mortgagefit Forums.

If your mother wants to have your name on the deed, she may opt for a quit claim to add you in it.

It is advisable to involve an attorney in the whole process and get the deed notarized.

God bless you.

For Mortgagefit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

OUR CONDO ASSN. HAS A 3 YEAR RENTAL POLICY. AN OWNER HAS RENTED HIS UNIT FOR 3 YEARS AND NOW HAS QUIT CLAIMED THE UNIT TO HIS DAUGHTER SO SHE CAN RENT IT OUT FOR 3 YEARS. NOW HER 3 YEARS ARE UP. CAN SHE NOW QUIT CLAIM THE UNIT BACK TO HER FATHER TO RENT AGAIN FOR 3 YEARS? OR HAS HIS RENTAL TIME EXPIRED?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think it can be done no harm in it.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

That question should be addressed by the HOA

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If an unmarried couple purchased a home together (both names are on mortgage) and now want to split up, can he retain the mortgage and assign his ex girl friend's ownership and attendant mortgage debt via a quit claim to say, his parents.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can't assign the mortgage debt. You can quit claim her off the title....she would have to sign that form......and then [url=http://www.mortgagefit.com/refinance.html]refinance[/url] into your name. If there is equity in the home why would she want to walk away from that? Any changes to title will have to have her or her estates approval. I would suggest that you refi and get the mortgage into you own name ASAP if something where to happen to her her estate could prevent you from even selling the place.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi JA,

Welcome to MortgageFit Forums.

You can't transfer a mortgage through [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. Refinance is the possible option that you have to transfer the mortgage.

But as Cedric mentioned that her approval is required for the transfer.

God bless you.

For Mortgagefit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I co-signed for our daughter's home and, of course, our newly purchased home became collateral. Now we would like to be removed from our daughter's mortgage. Is Quit Claim Deed the way to do it? Thank you for your quick reply.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No through quit claim deed only the interest on the title gets transferred not the mortgage.

Zeal_Deal

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Nancy,

You cannot remove your name from the mortgage through the quit claim deed. But yes, you can definitely transfer liability of paying off the mortgage to your daughter - the process being called [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url]. You need the lender's approval for the novation. And, as far as the quit claim is concerned, it will just allow you to transfer your share of property interest to someone else.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Do we need a quit claim deed if, we were doing a last will and testimony..And both house are still only in my partners, name (not my husband) but we have a child together, and just in case anything is to happen to him...(God, forbid) Also, this is just to protect us, and the houses still have open loans, on them. How does this quit claim deed work in this case?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I guess my question would be, "If in time of an accidental death occured, would a quit claim deed be the Legal form to have in order, in order to prevent the propert from being handed over to the Mortgage Co. and the property to remain with Me. I am not on the loan itself, and we are doing a last will.. This way his family doesn't fight for property and property remains with me untill loan is payed off?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

As per my knowledge, the quit claim deed can allow you to share the property interest and not the title of ownership. It is the will that should have your name if you are to be its owner.

In case of any accidental death, the quit claim cannot be the legal form. It has to be the will as the evidence of your name on the title. And, the mortgage has to be paid off in time if you don't want to lose the property. Your name may be on the will also, but if you don't make timely payments, you can very well lose the house.

Thanks,

Jerry.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi guest,

I don't think you need to do a quit claim deed just to prevent your property being taken over by the company.

Your name may not be on the loan document right now, but I guess your name may be on the will. In that case, you do have the liability of repaying the mortgage after the actual borrower dies. This is because, the will acts as the evidence of your rights as the owner of the property. And, his family does not have the right to fight for the property, after all, their names aren't on the will.

I guess your partner is making the payments in time, so why worry and anticipate over sad incidents like death. Be positive and have faith in God.

Let's hope for the best.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my wife's dad wants to quick deed land with a house on it for payment of back pay and property improvements that have come from us. The assessed value of the property is $59,000. Is there a limit on his gift and our tax capital gains? Do we need documents to prove unpaid labor when the tax crunch comes?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Eugene,

Welcome to Mortgagefit Forums.

In case of a quit claim, the land may be considered as a gift to you. Since the value is over $11,000 which is per pension gift limit, so form (706 or 709) needs to be filed with the taxes which states to consider the excess amount of the gift as part of $1 million lifetime gift exemption.

Under that condition you will have to pay the capital gain taxes on it when the land is sold. Providing the documents is always necessary and you should remain prepared for that.

You may contact your tax advisor for more details.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I live in california. My wife and I are geting a divorce. We own a nice home and I want to keep it. WE of course are both on the loan documents. If she quick claims this to me is that the end of her responsibility for the loan, and can she have the loan removed from her credit report so she can buy her own home and qualify for a new loan? Do we need approval from the lender to do this even though I make more than enough to handle the payment by myself? Thanks chris

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

cbrown's picture
cbrown | Joined: March 21, 2006 09:59 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I live in california. My wife and I are geting a divorce. We own a nice home and I want to keep it. WE of course are both on the loan documents. If she quick claims this to me is that the end of her responsibility for the loan, and can she have the loan removed from her credit report so she can buy her own home and qualify for a new loan? Do we need approval from the lender to do this even though I make more than enough to handle the payment by myself? Thanks chris

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Chris,

Welcome to MortgageFit Forums.

A [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] will enable your wife to leave her interest on the ownership of the property.

It will have no effects on the loan and she will still be liable to pay the loan. To take her name off the loan, it needs to be refinanced and taken on your name solely.

The lender definitely needs to be informed in any change of title till there is a mortgage on it.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my daughter took a mortgage out on my property to help us due to the fact it us in foreclouse out about two years ago. Can she quit cliam the house over to us now.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to MortgageFit Forums.

If I am correct, you transferred the rights on your property to your daughter for the loan.

But now after taking the mortgage, the lender may not allow you to transfer the house back again until the mortgage is paid.

Any transfer in real estate with a mortgage in it makes the loan due immediately.

So, if you want you can talk to the lender and take his acceptance before you proceed.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Page loaded in 0.133 seconds.