Posted on: 29th Mar, 2007 07:56 am
Hello my father in law and my brother i have helped to get them propertys. I want to come out of it so i could get my own properties. They pay for there morgage and everything else, i don't get no benefit out of this property. Can i use quick claim to take my name of the deeds and morgage? I yes can you tell me where to get the paper work? I live in new york. THank you
hi carlos,
welcome to mortgagefit discussion board.
you can use a quit claim deed to transfer the property to your father-in-law & brother. but it will only transfer the property into their name; it will not transfer the mortgage that is in your name.
as quit claim deed can only transfer property rights. it has no effect on a person's mortgage obligation.
for removing your name from the mortgage, it has to be refinanced in their name. you should contact your lender and tell all the details.
do let me know if you have any other queries.
thanks
blue
welcome to mortgagefit discussion board.
you can use a quit claim deed to transfer the property to your father-in-law & brother. but it will only transfer the property into their name; it will not transfer the mortgage that is in your name.
as quit claim deed can only transfer property rights. it has no effect on a person's mortgage obligation.
for removing your name from the mortgage, it has to be refinanced in their name. you should contact your lender and tell all the details.
do let me know if you have any other queries.
thanks
blue
Hi Carlos,
It will be a right move to transfer the mortgage over to your brother & father-in-law before you purchase your own property. But as Blue said talk to lender first about it. He should not have any objection to it.
You have also asked about the paperwork. I think you mean the quit claim deed form, you can download a standard quit claim deed form from here - http://www.wsba.org/info/x-12c.pdf
But the required formalities for refinance will be completed by your lender, he will tell you the required steps that need to be completed.
Colin
It will be a right move to transfer the mortgage over to your brother & father-in-law before you purchase your own property. But as Blue said talk to lender first about it. He should not have any objection to it.
You have also asked about the paperwork. I think you mean the quit claim deed form, you can download a standard quit claim deed form from here - http://www.wsba.org/info/x-12c.pdf
But the required formalities for refinance will be completed by your lender, he will tell you the required steps that need to be completed.
Colin
Hi Carlos,
I have started a thread on the quit claim forms used in different states. Just refer to Statewise Quit Claim Deed Forms where you will get a form for the state of New York.
Thanks.
I have started a thread on the quit claim forms used in different states. Just refer to Statewise Quit Claim Deed Forms where you will get a form for the state of New York.
Thanks.