Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Can quitclaim deed transfer mortgage debt?

A friend of ours is having financial difficulties and is behind in his house payments, he is wanting to do a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] transfer to us and we would take over the house payments to bring it up to date and finish paying for it. Are there legal complications in doing this since he still owes money? Should we go to the bank instead?

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to MortgageFit Forums.

This is a good question that you have asked before actually going for it. Actually a quit claim deed transfers only the interest of the owner to the grantee and has nothing to do with the mortgage.

The mortgage will be still in your friend's name only. There can be problems for your friend as any real estate transfer with a mortgage on it can make the mortgage due immediately.

So, the lender or the financial institution should be informed clearly before such a transfer. If you want the mortgage in your name, it has to be refinanced in your name.

So, it's better if you and your friend inform the bank first and take their suggestions. A real estate attorney can help you in this matter.

God bless you.

For MortagageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I am assuming that you will take the responsibility of making the payments for the house and against that you want to have ownership of the property.

Now, a quit claim deed transfers only the interest of the grantor in the house and makes no guarantee that there are no debts on the property or the property is free of any claims.

So, it always better to consult an attorney before transferring any property through a quit claim deed to know the consequences of the transfer.

Steve

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

should we get new financing for the mortgage before there is a quick claim?
as the new owners.or can we if the deed is not in our names yet.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Vicki,

You need to have your name on the deed before you apply for a mortgage. The lenders will look for a clear ownership of the asset against which you are going to take the mortgage.

You can talk to your lender and consult with him on how he wants you to proceed.

James

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I are soon to be divorced, and he wants to buy me out of the house with a quit claim deed, because the property is not selling right now. He has agreed that if the property sells for more than he is buying me out, he will split the profits. If something happens to him in the next two years, does the property automatically go to his children and is that agreement null and void?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Your husband can only sell off the property if he has ownership rights. Also, he cannot buy you out of the house with a quit claim deed. He will have to prepare a fresh deed instead of quit claim if he wants to transfer the title to property.

thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to our forums.

Your husband can take over the property through quit claim deed. But it does not mention who the legal owners are. So, it is better if he executes a title deed or warranty or grant deed with both of your signatures. Such deeds imply who the actual owners are currently and mentions that they have transferred property to some other person. The deed needs to be recorded at the Office of the Registrar of Deeds.

Regarding the children inheriting the property, it will depend upon how the court distributes the ownership rights after divorce. This will also depend on whether your husband makes a will stating that his children will take over the property if anything happens to him in the next 2 years.

For more details on quit claim deed, please visit this "Transferring the property-interest through Quit Claim Deed".

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

[quote:d7bdd97288]If something happens to him in the next two years, does the property automatically go to his children and is that agreement null and void?[/quote:d7bdd97288]

If anything happens to your husband in the next 2 years, then the agreement becomes null and void.

If there is any co-owner of the property, then the property gets transferred to him. Otherwise, it automatically goes to his children.

Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

me and the ex-wife have been divorced for over a year she is trying to convence me to do a quick claim deed and not get any lawyers involved in property settlments how should i handle this i'm sure the house has almost doubled in value and is worth twice the money we payed for it.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Wellcuz,

I think you should consult a lawyer. After all the lawyer is the person who will be preparing the quit claim deed for you. Also, for property settlements, it is always better to consult persons involved in the legal processes.

I think you should take help from a lawyer dealing in matters of the estate and there is no need to tell your ex-wife that you have consulted a lawyer.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my mother-in-law has fallen behind in her mortgage and HOA dues, I believe that the house will go into foreclosure soon. I want to help by paying up the mortgage and HOA dues and also having her committ to a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url] to ensure my investment. I would then take over the payments and hold on to the house for the duration until I decide to refinance and pay her out a gift of 15 to 20 thousand dollars. Will I have to refinance now or can I hold the house in her name until I decide to refinance. Will I have to pay a large sum down if I am on the deed. thank you

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Owen,

If your mother-in-law quit claims the house in your name then the lender can call the mortgage due. If the current rates are lower then you can go for refinance right now. Otherwise after the house is quit claimed in your name you can consult the lender about a possible [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] in which mortgage payment obligation will get transferred in your name.

Also if the house is quit claimed to you as per laws it is treated as a gift and what you pay for it is not fixed.

Thanks
James

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

In addition to what James said, I would like to add that if the lender agrees then Owen can also ask about assumption of his mother-in-law's mortgage.

Owen kindly have a look at the article on assumption to know more about how you can assume the mortgage liability from your mother-in-law.

Colin

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

So, you guys are simply saying that after the quit deed it is up to the lender, and I should be ready to purchase the property if all fails.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Owen,

I don't think that buying the house is necessary. There are two ways to handle this situation. First of all, if you ask your mother-in-law to quit claim the property to you, she can do so but she should inform the lender about it as the latter has an interest in the property (as he has offered the loan against the house). But the quit claim does not transfer the mortgage. So, your mother-in-law has to transfer the loan in your name through Novation. Then you can start paying for the loan and refinance when its suitable for you.

Secondly, if you don't wish to go into the above process, you can ask your mother-in-law refinance the loan in your name and transfer the property-title to you at the day of the loan closing. You may use a quit claim deed to get the title transferred in your name. And, whether you will have to pay a large sum will depend on the type of refinance loan taken, the interest rate and fees charged.

Know all about How to Refinance if you are interested to choose this option.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi-
My parents are willing to help me purchase a home due to my poor credit history (i signed for a motorcycle for an ex who defaulted on the loan, along with my own pre college credit card debt that I didn't take care of properly). I am just finishing up on paying off all my debt, and have a great steady income. Since my parents credit history is steller we've talked about them purchasing the house and me making the payments and holding the title to the house alone. I just don't know what the best way to go about this...I'm concerned with taxes due on transfer of ownership/gift? and my financial responsibilities (and tax benefits/write offs), and other matter such as "due on sale" if we do a quitclaim deed. Is there a way for me and my mother to purchase together? Or will my poor credit increase interest rate on morgate despite her excellent credit? Should I just wait to get my credit score higher? Your input is greately appreciated. Thank You.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

[quote:12b0460108]Should I just wait to get my credit score higher?[/quote:12b0460108]
If you intend to buy the house on your own by taking a mortgage in your name only, then you can definitely wait for your score to get higher so that you can qualify for better interest rates in future.

Thanks,

Sara.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi avpdays,

[quote:f96e5fbdb0]Is there a way for me and my mother to purchase together? Or will my poor credit increase interest rate on morgate despite her excellent credit?[/quote:f96e5fbdb0]
You can make your mother the primary borrower on the loan while you become the co-borrower. Since your mother has excellent credit, so she can get qualified for a home loan and thereby secure a reasonable rate of interest. Otherwise, your poor credit will not allow you to avail a better rate.

After your mother gets the loan, she can transfer it to you by [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] and quit claim the property to you. So, you will be getting the interest in the property and at the same time you will also be liable for monthly payments on mortgage. But one needs to request the lender for the Novation as he may or may not allow for it.

Alternatively, you can also shop around for a lender who will offer you a loan program at your credit score and income. You say that your credit isn't favorable enough to get a good rate. But you do have good income, so you can start shopping with a number of lenders in order to choose the best out of them.

Feel free to clarify your doubts.

God bless you

Samantha.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think the best way to go about it is to wait till you can build up good credit score which will in fact help you to qualify for loans at affordable rates of interest.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If the loan has a due on sale clause, then your mother cannot quit claim the property if she takes a loan against the house. The clause gives the right to the lender by which he can demand the outstanding loan balance from the borrower.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Avpdays,

[quote:bc749bbafa]I'm concerned with taxes due on transfer of ownership/gift? and my financial responsibilities (and tax benefits/write offs), and other matter such as "due on sale" if we do a quitclaim deed.[/quote:bc749bbafa]
If your mother takes a loan as primary borrower in order to purchase the house and then transfers you the interest through quit claim, then she needs to pay Gift tax under certain circumstances. It's not your liability to pay the gift tax. And, as far as getting tax benefits are concerned, you may be able to receive tax deduction on mortgage interest after the loan is transferred in your name. But there are certain conditions under which you can qualify for this deduction.

For more idea on the Tax deduction on interest , refer our previous discussion. Also, know about the Tax Implications of Quit Claim .

Regards,

Jessica.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My dad has the house mortagage and about 3 yers ago he QC the deed to me and my siblings (7 of us and 3 are minors). In August the mortage company began foreclosure proceedings. We all agreed to QC the deed again in my name only so that I could secure the property. The foreclosing mortgage company has agreed to a selling price, and I have a lender to do the loan, but NOW I find out that our father could not sign the QC deed on behalf of the minor children in order to convey the property to me and that the only way to do so is via a legal guardian authorized by the probate court. Is this true? Are there legal forms or affavidits that would take care of this or do we have to go through court proceedings. In the meantime the foreclsoure auction is scheduled for early Dec. What shall I do?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

[quote:eab70ab77c]in order to convey the property to me and that the only way to do so is via a legal guardian authorized by the probate court. Is this true?[/quote:eab70ab77c]
Yes it is true that a guardian will have to be appointed as the law states that minors can receive property title but they can not convey title until they become 18 years old.

Your father had quit claimed the house in name of 7 seven of you, this way the three minors also received the title of the house which legally they can acquire but afterwards your father cannot sign on their behalf.

Thanks
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I agree with Blue, for the transfer of ownership of the 3 minors now, the court will have to appoint an independent guardian to represent them, as minors cannot enter into a legal contract as per law and even as their father you will not be in a position to take decision affecting their ownership rights in the house.
[quote:7e74d2f31a]In the meantime the foreclsoure auction is scheduled for early Dec. What shall I do?[/quote:7e74d2f31a]
You should explain this situation to the mortgage company and request them to delay the date fixed for the foreclosure auction. As the situation will get solved as soon as the ownership held by the 3 minors gets transferred.

In my opinion the mortgage company will agree to delay the foreclosure as they normally do not intend to foreclose as long as there is a possibility that the borrower will be able to repay.

Thanks
Colin

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank You!! I will contact the mortgage company to request a delay until this process can be taken care of. However, they have delayed it once already, hope they will be willing to do so again. Thanks again

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my ex wife passed away, during our divorce i signed over the house with a quick claim deed and the mortgage is in my name..her mother has power of attorney(Not on paper,it was a verbal agreement) will her mother be able to sign it back over to me by just filling out another deed and signing her daughters name on it or will we need a lawyer?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to Mortgagefit forum.

Sorry to hear about the passing away of your ex-wife.

Your ex wife's mother has a verbal power of attorney. But to have any legal affect the power of attorney should be properly made and notarized. With the verbal power of attorney she won't be in a position to take decision regarding her daughter’s property matters.

Let me also tell you that if at the time of death she had given the house to her mother by making a will then she would be able to transfer it in your name if she wishes.

You will have to contact a lawyer in this situation.

Thanks
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ohio,

Since your ex-wife's mother has only a verbal power of attorney, she is not the legal owner of the property and hence she cannot transfer the it through quit claim, that too, in the name of your ex-wife. She can only covey property to someone provided her name is on the Will made by your ex-wife.

In case, there is no such Will, the court will distribute the property interest through Intestate Succession.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My brother purchased a house. I was a cosigner. Our plan was for me and my kids to stay with him and help pay the mortgage. Plans did not go as I thought. The house is only two years old. I have now moved out and he refuses to pay the mortgage.

I want to do a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to say I have nothing to do with the property. What is the best way to go about this? Also if I get a quit claim done will I be entitled to pay any outstanding amounts he ows?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My brother purchased a house. I was a cosigner. Our plan was for me and my kids to stay with him and help pay the mortgage. Plans did not go as I thought. The house is only two years old. I have now moved out and he refuses to pay the mortgage.

I want to do a quit claim deed to say I have nothing to do with the property. What is the best way to go about this? Also if I get a quit claim done will I be entitled to pay any outstanding amounts he ows?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

If you quit claim, you would still remain liable for the payments.

Don't quit claim until and unless your brother agrees to refinance the mortgage in his name.

Otherwise you will be in problem.

If he is not agreeing to pay the mortgage, then ask for the house to be sold and the mortgage be paid off from the proceeds of the sale and let him keep the balance from the proceeds of the sale.

tim

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lily,

Since you are the cosigner, you need to make payments only when your brother fails to pay down the unpaid debt. Your brother actually is responsible for making monthly payments on the loan. So, you need to talk to him regarding this and also contact the lender. Request the lender to talk to your brother. Otherwise, if you cannot convince him, you might end up paying the outstanding debt.

For your second question, you can approach an attorney and have a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] prepared after explaining your situation. But do you have your name on the title? If you don't have any ownership interest on the home, you need not sign a quit claim deed. The lender can ask you for payments even after you quit claim your share of interest, if any, in the property. This is because the note says that you are the cosigner.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am recently married and both of us own a home. One in Wa state and one in Oregon. We are currently trying to sell the home in Oregon. After it sells, we will sell my house in WA and buy a home together in WA. Would a quit claim be the best way for each of us to put names on each others property until we sell both properties? We are mainly concerned about how we would be affected is something tragic were to happen to one of us - not wanting to have to deal with probate. I know we can do a community property agreement for WA state, but Oregon doesn't have such an instrument. Your help would greatly be appreciated.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You can make a ladybird deed for each of the properties. The advantage you will get is that you will be able to avoid probate in case something unforeseen happens to anyone of you.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to add that you can also make a living trust or have property owned in joint tenancy; these two methods can also be used to avoid probate procedure.

Kristina

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

alice.moore's picture
alice.moore | Joined: January 3, 2007 03:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is a ladybird deed?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Alice,

It is also called Enhanced life estate deed.

By making such a deed you will retain a life estate on the house with the right to sell the property any time you wish to.

And if something happens then there is no need for going through probate procedure. While with a quit claim deed probate would be necessary.

For complete information on this type of deed, have a look at a previous community discussion on this topic: http://www.mortgagefit.com/know-how/ladybirddeed.html

Thanks
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband and I bought the house in 2005 under my sister n laws name since we are not US residents yet...we've been paying the mortgage since day 1...last august 2006, my sister in law signed a quit claim deed...can we [url=http://www.mortgagefit.com/refinance.html]refinance[/url] now even if its not a year yet since we assume the ownership?..we really wanted to have the name of the house under our name only...thank you.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As you are using it as your primary residence the lender will allow you to get the mortgage refinanced in your name. But you should get in touch with the lender and get confirmed about it. Most probably he will have no problems in accepting your request for a refinance.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is better to refinance when market rates are around 1.5-2% below the interest rate on your existing home loan. Also, it is a general rule to refinance after a certain period of time so that you are able to benefit from low rates and can recover the closings costs paid for the refinance.

You need to calculate as to after how many years you can recover the costs if at all you are interested to recover it. Otherwise you can choose to refinance. But does your loan have any prepayment penalty clause? Also, check out your loan documents to find out if the lender has imposed any condition regarding the time period after which you can refinance.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can add your name to the property-title by a quit claim deed.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

am buying my parent's house. i need to know if there is a way to get my dad to transfer the mortage and deed to me. or can he refiance and have the mortage put in my name. Last thing would his name still be on the mortage. help me

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Idona,

Refinance is better option for your situation. It will transfer both the mortgage and deed into your name. After removing your dad name from the title, he is not any more liable for the mortgage payment.

Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

when do you need to used both qick deed and warranty deed//my understanding is the qick deed you sign over your right but the mortage which will be still in you name and warranty deed sign over the title or deed? I want my home out of my name with no strings attach and my sister is willing to take over the payments

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kay,

Welcome to Mortgagefit discussion board.

These two types of deeds are used in property transfer. But there is a difference in when they can be used.

Using a warranty deed the seller or grantor provides warranty to the buyer against any type of title defects and that the title is clear of any type of liens. While a quit claim deed just transfers whatever interest the grantor has and does not provide any warranty against defects to the title.

Now in your situation as there is a mortgage on the house, a warranty deed cannot be used as using such a deed you will not be providing your sister a clear title. You will need to use a quit claim deed instead.

On the quit claim deed you will be named as the grantor and your sister the grantee. Before transferring the house to your sister contact the lender and discuss this issue. You need to know if he will allow the mortgage to be refinanced in her name or not. If he does then you will not have any obligation left over the house or the mortgage.

You have posted a very similar question in this section also, please click here to read what other members have commented upon it - http://www.mortgagefit.com/predeal/about6595.html

Do let me know if you have any other questions.

Thanks
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

IF I QC MY HOUSE TO SOMEONE, WILL I LOSE RIGHTS TO MY HOUSE? DON'T I NEED TO PUT MY NAME IN THE GRANTEE AS WELL TO BE MORE PROTECTED?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mari,

Welcome to the forums.

I guess you want to add someone to the title to your property. So, for that purpose, when you sign the quitclaim deed, you should mention yourself as the grantor and the transferee and you as the grantee. This ensures that the property will be owned by both of you. But the percentages of your and the transferee's share of interest will be different.

It is better that you consult an attorney to prepare the deed for you and get it signed by a notary public before you get it recorded at the office of The Registrar of Deeds.

Thanks,

Sara

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I file a bankruptcy,and it not involve my ex husband and the house I quit claimed to him in the divorce? This was in July of 2006.Thank you.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:8248d2118e]Can I file a bankruptcy,and it not involve my ex husband and the house I quit claimed to him in the divorce?[/quote:8248d2118e]
You must have quit claimed the house to your ex husband as per the divorce judgment. So such transfer of property will not be considered as fraudulent transfer of assets by bankruptcy trustee.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Medmaree,

Welcome to the forums.

Why do you want to file bankruptcy? Are you into some debt problems. You can freely share it with this community. May be we can find out some alternative for you.

Thanks,
Jerry.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:58 | Post subject:

Page loaded in 0.104 seconds.