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Can name on deed be changed?

Posted on: 24th Sep, 2006 12:15 pm
My son bought a house and now he doesn't want it, he would like for my husband to take over the payments. If my husband does this can his name be put on the deed instead of our sons? We are not able to get a loan to buy the house but we are able to make the monthly payments!
hi dfclross,

your husband can take over the payments even if your son's name remains on the deed. but your son has to request the lender for it. the lender may review your husband's credit score and debt payment history before he agrees to give him the responsibility of paying off the loan. he may then allow your son to transfer the mortgage through novation.

the lender may ask your son to add your husband's name on the deed through a quit claim. this is because your husband has to take the responsibility of the loan and the lender wants to secure his interest in the property.

your husband can also get the entire property transferred in his name if your son uses a quit claim to remove his name and add your husband's name to the deed.

thanks,

caron.
Posted on: 24th Sep, 2006 08:36 pm
Taking over the loan does not mean having one's own name on the deed instead of the person who transfers the loan. But yes, one can surely add his name to the deed through a quit claim. Do inform the lender nefore you add your name.
Posted on: 24th Sep, 2006 10:46 pm
I am renting a house from some one and i'a having trouble obtaining an mortage. The landlord has told me we could do this quick deed and he would transfer the house into my name . Is this legal?and what do I do if the mortage company doesnt agree.
Posted on: 18th Mar, 2008 03:02 pm
Hi sonia,

Welcome to the forum.

The land lord can quitclaim the property to you but it will be better if he informs the lender before quitclaiming the property to you.

If the lender does not agree then you can take mortgage from other lenders also. You should shop for lenders. You can take free counseling here at http://www.mortgagefit.com to know whether you can get approved for a mortgage

Feel free to ask if you have any further questions.

Best of luck,
Larry
Posted on: 18th Mar, 2008 03:19 pm
I would like to know if I can quickclaim deed my house to my friend but continue making the payments on the loan? Does the house need to be paid in full in order to do a quickclaim deed?
Posted on: 02nd May, 2008 07:26 pm
Hi,

The lender may want you to pay him full if you don't inform or take his approval before quitclaiming. So inform the lender before quitclaiming the property to your friend. The lender may ask your friend to take the mortgage on his name by refinancing the mortgage.

Best of luck,
Larry
Posted on: 03rd May, 2008 05:25 am
wow...3 different new posts on this one thread....okay here goes.

dfclross....anyone can make payments on a loan. there is no need to be reviewed by the lender in order to make payments. i don't believe that's your real question, though. if i read you right, you want to know if it will be difficult for your husband to become an owner and obtain the consent of the lender. in that case, he would, indeed, need to have a conversation with the lender to determine what their requirements would be. i hope i've answered your real question.

sonia, a quit claim deed can be used to transfer ownership to you, but the lender (if there is one) would require that your landlord pay his loan in full upon that transfer. what that means for you is that unless your landlord has the cash to pay the mortgage, you'd need to go obtain a new mortgage to get his paid off. it seems more likely to me that your landlord is trying to do something that isn't quite above board. be careful.

debbo - you can quit claim your property and continue making payments, but you will be in breach of your contract with your lender. why would you think of changing ownership and continuing to make those payments yourself?
Posted on: 03rd May, 2008 07:25 am
I bought a house and could'nt keep it and signed a warranty deed. How would this affect my credit
Posted on: 06th Jun, 2008 09:43 am
joseph, that is way too little information for an intelligent response.

how long did you own it? did you have a mortgage, and how was your payment history?

owning for a short period of time won't necessarily hurt your credit rating. it's how you handled the obligation that is more important. the only real impact a short time has is that you can't show a long history, is all.
Posted on: 06th Jun, 2008 10:14 am
My father wants to give me the house he owns that I have been renting.How do I obtain the title and can he transfer the loan to me without
having to obtain new finance
Posted on: 11th May, 2010 06:43 pm
hi johnna,

you will have to ask your father to sign a quit claim deed and transfer the property in your name. as far as the mortgage is concerned, you will have to refinance it in order to get it transferred in your name.

thanks
Posted on: 11th May, 2010 10:19 pm
I quit claimed the property that we owned together right after our divorce was finalized. Now, he doesn't want the property and I do so he has agreed to let me buy him out of his half. Can he just quit claim the property back to me? I cannot do re-finance right now. We have made our own financial arrangements. Will a new quit claim change back to me change the property tax implications or anything? Thanks, KB
Posted on: 02nd Jan, 2012 03:30 pm
Hi KB!

Welcome to forums!

He can quitclaim the property to you in order to transfer it. But unless you refinance the loan, he will remain liable for it. If he is fine with that, then you can go ahead and get the property transferred in your name. Once the property is in your name, you will be liable for paying the property taxes.

Feel free to ask if you've further queries.

Sussane
Posted on: 02nd Jan, 2012 11:38 pm
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