Posted on: 04th Jun, 2009 02:01 pm
Hi,
My wife and I bought a house 5 years ago. Both of our names appear on the title. We had a mortgage, my wife is the primary borrower and I am not sure if I am the co-borrower or not.
Now I want to quit claim the house to my wife. I've heard that a transfer of real estate will make mortgage immediately due. Is it true if:
1. both of our names are on the mortgage?
2. only my wife's name is on the mortgage?
Thanks a lot in advance.
My wife and I bought a house 5 years ago. Both of our names appear on the title. We had a mortgage, my wife is the primary borrower and I am not sure if I am the co-borrower or not.
Now I want to quit claim the house to my wife. I've heard that a transfer of real estate will make mortgage immediately due. Is it true if:
1. both of our names are on the mortgage?
2. only my wife's name is on the mortgage?
Thanks a lot in advance.
hi guest!
welcome to forums!
you will first have to check whether you are a co-borrower of the loan or not. you can check out your loan documents in order to find that out. alternatively, you can also contact your lender and find out whether you are a co-borrower or not.
if you are not a borrower, then you can easily transfer the property to your wife through a quitclaim deed. if you are a co-borrower of the loan, then the lender may ask your wife to refinance the loan in her name after you quitclaim the property to her.
you are just quitclaiming the property to your wife and not selling it to her. in such a situation, the due on sale clause will not come into effect.
feel free to ask if you have further queries.
sussane
welcome to forums!
you will first have to check whether you are a co-borrower of the loan or not. you can check out your loan documents in order to find that out. alternatively, you can also contact your lender and find out whether you are a co-borrower or not.
if you are not a borrower, then you can easily transfer the property to your wife through a quitclaim deed. if you are a co-borrower of the loan, then the lender may ask your wife to refinance the loan in her name after you quitclaim the property to her.
you are just quitclaiming the property to your wife and not selling it to her. in such a situation, the due on sale clause will not come into effect.
feel free to ask if you have further queries.
sussane
Thanks, Sussane for your kindly reply
I don't care if I am still on the mortgage because I still want to share the burden with my wife. In this case, will the lender definitely ask my wife to refinance if I am the co-borrower and quitclaim the property to her?
I don't care if I am still on the mortgage because I still want to share the burden with my wife. In this case, will the lender definitely ask my wife to refinance if I am the co-borrower and quitclaim the property to her?
Hi Guest,
If you quitclaim the property to your wife, the lender will definitely ask your wife to refinance the property. In order to refinance the mortgage in her name, she needs to have a stable income and an excellent credit report.
Thanks
If you quitclaim the property to your wife, the lender will definitely ask your wife to refinance the property. In order to refinance the mortgage in her name, she needs to have a stable income and an excellent credit report.
Thanks