Posted on: 06th Jan, 2009 07:16 pm
Is there a problem with deeding home to husband with mortgage remaining in my name only?...My husband and I have been married a year and both have our own homes. We have decided to sell his and move into mine within the year of 2009 (of course this depends on the market). The question is if I quitclaim my property to him yet the mortgage remains in my name should there be any problem with the mortgage being called in since we are married anyway. I am trying to avoid a possible lien against the property in my name.
hi okei_tm!
welcome to forums!
if you solely give away the ownership of the property to your husband, then there are chances that the lender will ask your husband to refinance the mortgage in his name. however, if both of you are joint owners of the property, then the lender may let you keep the mortgage in your name. i would suggest you to speak to your lender regarding this before your transfer the property in your husband's name.
feel free to ask if you have further queries.
sussane
welcome to forums!
if you solely give away the ownership of the property to your husband, then there are chances that the lender will ask your husband to refinance the mortgage in his name. however, if both of you are joint owners of the property, then the lender may let you keep the mortgage in your name. i would suggest you to speak to your lender regarding this before your transfer the property in your husband's name.
feel free to ask if you have further queries.
sussane