Posted on: 20th Feb, 2007 01:56 pm
MY HUSBAND WANTS TO QUIT CLAIM OUR PROPERTY INTO MY NAME ONLY, BUT WE STILL OWE ON THE MORTGAGE, CAN WE STILL DO THIS & IF SO WHERE DO WE START?
yes your husband can quit claim his share of property to you using a quit claim deed. in the quit claim deed he will be named as the grantor and you will be the grantee.
but before property is transferred to you first of all inform the lender about it as he has a mortgage over the property. in most cases the lender would asks for the mortgage to be refinanced in the name of the new owner.
but before property is transferred to you first of all inform the lender about it as he has a mortgage over the property. in most cases the lender would asks for the mortgage to be refinanced in the name of the new owner.
thanks. where can we get this quit claim form & how much will it cost? can i download it online? thanks again
You can use this one - http://www.wsba.org/info/x-12c.pdf
But do take help of an attorney in filling up the form and also for getting it recorded. If you get any other quit claim deed form from some other website you can use that also.
But do take help of an attorney in filling up the form and also for getting it recorded. If you get any other quit claim deed form from some other website you can use that also.
Yes Wolfgirl,
You can still go for the quitclaim. Then the property will be transferred in your name. But you will still owe the unpaid loan balance. I guess both of your names are on the mortgage. The quitclaim will not take anyone's name off the loan. Even if you get the title to the property in your name, your husband will still have the right to repay the loan.
Hope this is clear to you.
Thanks,
James.
You can still go for the quitclaim. Then the property will be transferred in your name. But you will still owe the unpaid loan balance. I guess both of your names are on the mortgage. The quitclaim will not take anyone's name off the loan. Even if you get the title to the property in your name, your husband will still have the right to repay the loan.
Hope this is clear to you.
Thanks,
James.