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QUIT CLAIM DEED?

Posted on: 17th Jan, 2007 11:55 am
MY SISTER AND I DECIDED TO BUY A HOME LAST YEAR BUT ONLY USED HER CREDIT TO BUY THE HOME BECAUSE OF HER EXCELLENT CREDIT SCORE. I WAS NOT ON ANY OF THE PAPERWORK. SHE WANTS ME TO TAKE OVER THE HOME COMPLETELY NOW BECAUSE SHE WILL BE GOING TO SCHOOL FULL-TIME AND WILL NOT BE PAYING THE MORTGAGE. DO YOU HAVE ANY SUGGESTIONS ON WHAT WE CAN DO?



THANKS!
hi,

welcome to mortgagefit discussion board.

first of all make the lender aware that you want to take over the mortgage from your sister and that the house ownership will also be in your name. normally lenders do not object to such title & mortgage take over as long as they are assured that their monthly dues will not be affected.

your sister will have to create a quit claim deed for transfer of title in your name. it is necessary as without you named as the owner or co-owner of the house, the lender will not allow you to take over the mortgage.

after title transfer contact the lender to get the mortgage refinanced in your name. you can also ask the lender whether he will allow novation. with novation the benefit you get is that the loan terms remain same as they were previously set. in contrast with a refinance the rate and terms may vary as per the current market situation.

let me know if you have any other questions.

thanks
blue
Posted on: 17th Jan, 2007 01:43 pm
Well, if you have thought of getting the home in your name, then that's fine. A home is one of greatest financial assets that you can have. It's your home that can help you borrow keeping it as collateral in times of financial emergencies.

Since there is a loan against the property already, therefore you can have the title transferred in your name through a quit claim deed.

Both of you need to talk to the lender on the possibility of a refinance or novation either of which can place your name on the loan.
Posted on: 17th Jan, 2007 09:20 pm
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