Assumption Process for Spouse

hi hqleemster,

welcome to the forums.

your plan looks to ok to me. once you quit claim the home from you to you and your spouse, she will be able to get the ownership rights on the property. and, in case, you are disabled or pass away, the house will pass on to your spouse as there is a will being done by you. but the will may have to go through probate after you pass away just to make it effective. for this, you may consult an attorney.

the quit claim deed should be filed with the county recorder's office. and, the loan assumption papers should be sent to the mortgage company along with a copy of the quit claim deed.

thanks,

sara

"The Mortgage Co. says Assumption is OK to do, with a small fee and to QuitClaim from Me to Both our names."
In the quit claim deed put the way the title will be held by both as Joint tenants with right of survivorship.

This way your spouse will be able to avoid probate procedure. You have made a will but that will have to go through the probate procedure.

Holding title as Joint tenants with right of survivorship can help avoid probate procedure and time it takes.

I need your help. my husband and I bought a house together, but I did not know that I was not on Title deeds. He claims that my credit was bad, But I pay 50% Modgage for the last 5 years. He has applied for assumption on my behalf. What does that mean?

Hi Maur!

Welcome to the forums!

Assumption means transferring the mortgage from one person to another. Is your name on the mortgage of the property? If yes, then he has applied for the assumption of the mortgage. If your husband assumes your portion of the loan, then you won't be liable for the mortgage payments.

Feel free to ask if you have further queries.

Sussane

what is the procedure to include your name in the title papers

Hi ayesha,

The owner of the property should sign a quitclaim deed and add your name to the property deed. Once the deed is filled in, it needs to be recorded at the county recorder's office.

Thanks

is there a cost associated with quitclaims?

Hi thewretched,

There are costs associated with the quitclaim deed. You will be responsible for paying the deed registration fees, doc stamp fees etc. when you record the deed at the county recorder's office.

Thanks

i original had the house in my name when we refinanced it waas in both of our names we are going thru a divorce and have fallen behind in payments i want to assume back the loan but i do not want to make these payments if he stays on the loan, the morgage company said i would have to pay 125.oo to see if i can assume the loan

If you want to assume the loan or refinance it, then you will have to clear the late payments first. Once the loan is current, then the lender will either let you refinance or assume the loan. It is quite surprising to me that you need to pay a certain amount in order to know whether or not you would be able to assume the loan. I would suggest you to speak to your lender and check if you can get to know it without paying the fees.

hello "thewretched02"..!!! Quit Claiming will not get your partner off of the mortgage, only refinancing in your own name will do that. All a Quit Claim is, is a legal document filed with your local court house that states that one of the mortgagees is opting out of ownership and no longer has any claim to the property… I do not know how much it costs to file a Quit Claim, but your local court house can tell you…

I am listed as primary borrower on mortgage, but I want out of this all together, question can i do a quit claim to give up all rights to property, or
will mortgage company still hold me liable for monthly payments.

Welcome ajjr,

Signing a quit claim deed will only remove you from the property title. You will still be responsible for paying the mortgage balance unless the new owner of the property refinances the mortgage in his or her name.

The Deed is in my name (Court ORder) when my spouse was ill.
My spouse now has passed away. The mortgage is the spouses name and I want the mortgage put in my name. What can I do to get the mortgage in my name?

Hi TBP,

You will have to refinance the mortgage in order to get it transferred in your name. You should contact the lender in this regard,