Posted on: 22nd Jan, 2009 07:22 am
my daughter has been with her partner for 5 years. they are not legally married, but have purchased a house together. they are now splitting up. my daughter wants to keep the house and assume the entire mortgage. her partner wants out of the mortgage. they have only been in the house three months and my daughter can afford the mortage alone. the original loan was taken through a credit union where my daughter works. the loan has now been sold to another mortgage leander. can they use a quit claim deed? the credit union ( even though they no longer have the loan) said my daughter would have to refinance through them and pay closing costs. the current mortgage lender said they could do a quit claim. any help you can give will be appreciated.
Hello mgcohan,
Yes, you are correct. They may use a quitclaim and yes she can refinance the mortgage into her name only.
Let us know if you still have questions.
Good luck. :D
Yes, you are correct. They may use a quitclaim and yes she can refinance the mortgage into her name only.
Let us know if you still have questions.
Good luck. :D
Thanks, does she have to refinance? She would rather do the Quit claim. It is faster and less expensive.
Hi mgcohan!
Welcome to forums!
A quitclaim deed will only transfer the property in her name. In order to transfer the mortgage in her name, she will have to refinance the loan. Once she refinances, she will be solely responsible for the loan.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
A quitclaim deed will only transfer the property in her name. In order to transfer the mortgage in her name, she will have to refinance the loan. Once she refinances, she will be solely responsible for the loan.
Feel free to ask if you have further queries.
Sussane
A QuitClaim Deed is the appropriate instrument, but this is a transaction between the two owners only. One person conveys all of their interest in the real property to the other. The mortgage will stay in place until refinanced. No, she doesn't have to refinance if she acquires her partner's interest through a quitclaim deed. However, refinancing is the ONLY way to get her friend's name off the mortgage. Therefore, if that is the only way the other person will quitclaim their interest to her, then yes, she will have to refinance. Hope this helps.