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Can quitclaim deed transfer mortgage debt?

Quitclaim deed is a legal document using which you can convey your share of property-interest to another person. The deed indicates that the title is conveyed from the grantor (transferor) to the grantee (transferee). But it does not guarantee that the grantor holds the legal rights of ownership. The deed also does not imply that the title is free of liens. The quitclaim deed merely states that there has been a transfer of interest from one individual to another.

Thus, when you transfer property rights, a quitclaim deed serves your purpose. But you cannot transfer mortgage debt or any financial obligation through the deed. If there is a mortgage on the property you wish to transfer, you'll have to pay off the debt prior to the transfer and make the title free and clear. Otherwise, you'll have to transfer the loan as well.

In order to transfer a mortgage to the grantee, you'll have to convince the latter to refinance the loan in his/her name. And, at the time of refinance closing, you can sign on a quitclaim or grant deed in order to transfer the property to the grantee. Alternatively, you can transfer the title first and then have the grantee refinance the mortgage in his name. But before you do so, get it in writing from the grantee that he'll refinance as soon as you convey the title. Otherwise, you'll (the grantor) be left to pay off the loan entirely without having the property in your name.

Another way by which you can transfer mortgage debt while quitclaiming property is Novation. To know How novation works , refer to a forum discussion on this topic.

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?

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

Former neighbor filed bankruptcy and quit claimed the deed. Mortage still in the name of fomer neighbor. Is the new neighbor (grantee) allowed to occupy the home immediately?

Like | Dislike | Share | Posted: Tue, 02/12/2013 - 12:01 | Post subject:

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

is it possible to quit claim a property with an active mortgage? the house was bought less than a year ago

Like | Dislike | Share | Posted: Mon, 01/09/2012 - 19:17 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi need help and upset,

Though the property is in foreclosure, if you owe condo association fees after inheriting the property, you will be liable for paying off the association fees. You cannot avoid that.

Like | Dislike | Share | Posted: Sun, 10/06/2013 - 22:44

bryscarl's picture
bryscarl | Joined: March 15, 2013 07:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

My wife's father passed away a little less then 10 years ago, and he had bought a property (I think in the late 60's early 70's) that he had left in a trust to his 2nd wife (my wife's step mother), with the stipulation that she could own and use it until either she passed away or no longer wanted it and then the property would go to my wife and her two sisters. Now fast forward to about a month ago, my wife recieves a call saying that her step mother (which they are not on the best of terms) no longer wants to deal with the home and that she is transfering it to her and her 2 sisters. So, the process of the Deed Transfer began and it is currently being recorded at the county registers office. Now my wife and her two sisters want to turn around and sell the home and they already have a listing agent involved (although it is not listed yet since the recording has not been confirmed with the county yet). In addition there is the matter of the mortgage. There is not a tremendous amount owed, and I think my wife and her sisters were thinking they could either sell the home quickly and then pay the mortgage debt in full with the proceeds or that they could continue making payments to the mortgage company for a month or two (on her step mothers behalf) until it's sold and then pay it in full. Now to make matters more difficult we do not have the loan number, which I would assume we would need so we can continue to make the payments or to pay it off in full. As a result my wife is really scared that the house will go into forclosure as a result of this small balance owed when the home is worth significantly more. We have tried to contact her step mother with regards to the loan number, but unfortunately have not been successful with getting the information. Also, the loan was originally with GMAC, but now we believe it is with Ocwen as GMAC sold most of their mortgages to them just about a month ago. We have tried calling them to explain the situation and find out how to proceed and they won't even talk to my wife about it, since they don't recognize it as her loan. As a result of everything going on my wife is very stressed right now, as she is the only one of the three sisters in the area where the home is located, so the majority of the responsibility has fallen to her despite her other sisters attempts to be helpful. So, I am writing this in hopes that I might get some advice and answers on how it would be best for my wife and her 2 sisters to proceed with this situation and avoid forclosure.

I would be grateful for any assistance you can provide and thank you for your time.

Sincerely,

Bryan

Like | Dislike | Share | Posted: Fri, 03/15/2013 - 08:39 | Post subject:

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

My boyfriend was married but paperwork never made it to courthouse. so home shows as married man and wife. She wife is now refinancing and had him sign a quit claim as single man & single woman. My question is he was told he would be on mortgage but not responsible for loan financially is this true? Does he still have interest in property?

Like | Dislike | Share | Posted: Wed, 03/05/2014 - 05:06 | Post subject:

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

Hi David,

If your parents quitclaim deed the property to you, then you may have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan in your name. The lender will want the property and the mortgage in the name of the same person.

Hi RT,

The bank has the right to foreclose the property on non-payment of the mortgage payments. However, in this situation, the lender may face difficulty in foreclosing the property. It would have been better if you would have refinanced the mortgage in your name and paid off the debts.

Thanks

Like | Dislike | Share | Posted: Tue, 02/26/2013 - 21:18

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

Can parents do quick claim deed to me (did a short sale on my home) and still have mortgage under their name

Like | Dislike | Share | Posted: Mon, 02/25/2013 - 15:36 | Post subject:

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

I owned property with a partner. Partner (grantor) signs grant deed giving sole ownership to me (grantee). Mortgage loan on property is in grantors name only. If grantor stops paying mortgage, can bank that owns mortgage come after my property?

Like | Dislike | Share | Posted: Mon, 02/25/2013 - 21:37 | 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: Wed, 05/10/2006 - 12:05

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: Wed, 05/10/2006 - 11:49

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

So if my mother quitdeed to me
and there is a loan on the property in her name,can i take out a loan also,or is that not a good idea. Im confused and dont know what to do at this point.

Like | Dislike | Share | Posted: Sun, 09/22/2013 - 10:06 | Post subject:

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

Is it best to sell a home that's been quitdeeded or can i get a loan on the home even if the grantor has a second mortgage? What's the best option for me,the grantee.

Like | Dislike | Share | Posted: Sun, 09/22/2013 - 10:00 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to the forums!

Rather than taking out a second loan on the same property, you can refinance the existing loan and get it transferred in your name. This will also help you in cashing out the equity in your property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 09/25/2013 - 21:38

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bleep,

As bankruptcy has been filed by the previous owner and as the property was included in it, things may get difficult for the grantee. It will be better if the grantee can take help of a real estate attorney or a bankruptcy attorney and take his/her opinion in this regard.

Like | Dislike | Share | Posted: Tue, 02/12/2013 - 20:34

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You may quitclaim the property but the new owner of the property will have to immediately [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage in his/her name.

Like | Dislike | Share | Posted: Tue, 01/10/2012 - 00:42

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

I want to transfer legal ownership of my home to my son to preclude future loss of the home if I and/or my wife were to require admission to a nursing home. Is there a way to do this and retain the mortgage in my name?

Like | Dislike | Share | Posted: Mon, 02/13/2012 - 12:16 | Post subject:

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

A friend's mom did a quit claim deed transferring interest in her property to her daughter in the event of her death(?). The Mom held a mortgage in her name only and died 2 years ago. About 9 months ago, the house on the property burned and was a total loss. The insurance company honored the quit claim deed and made the settlement check out to the daughter AND the mortgage company. The daughter signed the check and mailed to Mortg. Co. with the understanding they had 30 days to remit a check to her with the balance of the settlement funds after the mortgage was paid off. They put the check in her deceased mother's name and the bank won't honor it and she was told she had to go through probate. She sought the advice of an attorney who said the mortg. co. is completely in the wrong - and they will re-issue the check in the daughter's name after a few letters threatening litigation. Her portion of the settlement is $46,000 and the attorney wants $16,000 to write a few letters. Is he correct? Does she have a legal leg to stand on? If so, why should she be out $16,000 if the mortgage co. is completely erroneous in their decision. Shouldn't her attorney insist on reimbursement of her legal fees? She is ready to give up - this has been going on for a year - and accept anything they will offer. I'm trying to keep everyone from robbing her blind but don't really know where to start. Please help!!

Like | Dislike | Share | Posted: Mon, 02/03/2014 - 17:31 | Post subject:

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

A friend's mom did a quit claim deed transferring interest in her property to her daughter in the event of her death(?). The Mom held a mortgage in her name only and died 2 years ago. About 9 months ago, the house on the property burned and was a total loss. The insurance company honored the quit claim deed and made the settlement check out to the daughter AND the mortgage company. The daughter signed the check and mailed to Mortg. Co. with the understanding they had 30 days to remit a check to her with the balance of the settlement funds after the mortgage was paid off. They put the check in her deceased mother's name and the bank won't honor it and she was told she had to go through probate. She sought the advice of an attorney who said the mortg. co. is completely in the wrong - and they will re-issue the check in the daughter's name after a few letters threatening litigation. Her portion of the settlement is $46,000 and the attorney wants $16,000 to write a few letters. Is he correct? Does she have a legal leg to stand on? If so, why should she be out $16,000 if the mortgage co. is completely erroneous in their decision. Shouldn't her attorney insist on reimbursement of her legal fees? She is ready to give up - this has been going on for a year - and accept anything they will offer. I'm trying to keep everyone from robbing her blind but don't really know where to start. Please help!!

Like | Dislike | Share | Posted: Mon, 02/03/2014 - 17:31 | Post subject:

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

My father and I purchased a condo together in 2006. Because I had no credit, I was never listed on the mortgage or deed, but I have made all the payments. My husband and I live there now. A job transfer, however, has required a quick move on our part. If we're homeowners, we would receive $18,000 for relocation expenses, but if we're renters, just $5,000. My father is willing to quitclaim the property but is concerned with the implications. We have the ability to pay the loan in full. Is this something we should do? If so, before or after the quitclaim? And, can we pull this together in the seven days the company has given us to move forward?

Like | Dislike | Share | Posted: Tue, 04/16/2013 - 19:04 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

A quitclaim deed will help you in transferring property from one person to another. However, the mortgage won't get transferred in this process. In such a situation, the person who is taking over the property will have to refinance the mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 12/03/2012 - 22:30

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lgun!

Welcome to forums!

As your name is not mentioned on the mortgage docs, the foreclosure of the property won't affect you in any way. However, you will lose the property in foreclosure sale.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 03/15/2012 - 00:41

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

when signing a quitclaim for payments on a timeshare, does it release you from the payment owed and the timeshare. by signing the quitclaim does that cause lien on a person house?

Like | Dislike | Share | Posted: Mon, 12/03/2012 - 17:03 | Post subject:

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

The owner passed the condo assoc. is trying to collect assoc fees because of a quick claim deed we had no idea the deed existed the condo is in foreclosure

Like | Dislike | Share | Posted: Mon, 09/30/2013 - 10:04 | Post subject:

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

my mother passed the condo assoc. claims we are liable for assoc. fees because of a quick claim deed we had no knowledge of the deed the condo is over mortgaged and in foreclosure

Like | Dislike | Share | Posted: Mon, 09/30/2013 - 09:51 | 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: Mon, 05/22/2006 - 05:13 | 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: Mon, 05/22/2006 - 04:39 | 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: Mon, 05/22/2006 - 04:28 | Post subject:

bryscarl's picture
bryscarl | Joined: March 15, 2013 07:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you for your response adonis, I will check it out.

Thanks again!

Bryan

Like | Dislike | Share | Posted: Wed, 03/20/2013 - 08:20 | 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: Mon, 05/22/2006 - 04:08 | Post subject:

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

Hi Pettisfarm,

Once you transfer the property to your son, he will become the owner of the property. Once the lender comes to know about this, he will want your son to refinance the mortgage in his name. So, unless he has the required credit score and income to get the mortgage transferred in his name, it's better to not transfer the property to him.

Thanks

Like | Dislike | Share | Posted: Tue, 02/14/2012 - 22:48

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, 05/18/2006 - 10:37

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

my dad recently passed. im not sure who he left the house to. my sisters are telling me that if i sign a letter stating that i dont want the house, my step sister can be put on the deed with a quitclaim deed? is this correct

Like | Dislike | Share | Posted: Tue, 04/29/2014 - 03:47 | 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, 05/18/2006 - 10:07 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bryscarl,

Your query has been replied to in the given page:
http://www.mortgagefit.com/questions-assistance/about56211.html?p=295168...

Take a look at it. I hope it will help you.

Like | Dislike | Share | Posted: Tue, 03/19/2013 - 21:53

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

My mother refinanced and when the surveyor came out they included too much land. My mother wanted the five lots behind my sisters house to remain off new mortgage. When she saw the mortgage it had all the lots included. She cancelled the loan. The bank redid the loan recharged her for a new surveyor and had her quitclaim the lots to my sister because she previously paid mom for them. Well when she signed the quit claim the parcel included all of my moms property not just the 5 lots.! Well my mom died before we could fix it. Her will listed me as executor but since my mom signed her land to my sister the lawyer said there is no estate to open! Well my sister had cancer and before she passed she did a transfer upon death to me!!! The house is in my name but the bank chase won't talk to me! It's been going on for two years. I'm afraid I'm going to die before this gets straightened out over stress! Got any advice? Lora

Like | Dislike | Share | Posted: Wed, 07/09/2014 - 08:55 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lizzy,

If your father quitclaims the property to you know, then it may be considered illegal by the lender. Before taking any further steps in this regard, you should speak to an attorney.

Like | Dislike | Share | Posted: Tue, 04/16/2013 - 21:43

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

I attempted to file a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] with the county recorder and was told that I need to fill out other New York state forms RP 5217 and TP 584 both of which appear to be used when selling the house which I am not. I explained this to the clerk, she said "that doesn't matter" I think they are wrong...can you advise?

Like | Dislike | Share | Posted: Fri, 03/16/2012 - 09:58 | Post subject:

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

I have a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url] in my name from 2008, my friend has died name and the loan is still in his name. the bank never transfered their portion over in my name but still have him as the property title owner, but the state has me as the deed to house. What can I do now. I have asked the bank for a title transfer and they will not. His wife's name is on the title and she is willing to have the title transfered but the Bank is made becuase of the quit deed. We have filed taxes on this house for the past 3years and have paid the note on this house for the past 5 years. What should I do or what are my rights.

Like | Dislike | Share | Posted: Mon, 08/27/2012 - 09:06 | Post subject:

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

What are my rights, I have the [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] in my name in NC and the morgage is still in my friends name and he is decease. what can I do. Or what rights do I have to the property. The house was never refinanced.

Like | Dislike | Share | Posted: Mon, 08/27/2012 - 09:13 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jdminc!

Welcome to forums!

As the property deed is in your name, you will be considered as the owner of the property. However, as the mortgage is not in your name, you won't be liable for paying it. But if you want to save the property from foreclosure, you will be liable for paying off the loan. In such a situation, it will be better if you could refinance the mortgage in your name.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 08/28/2012 - 00:16 | Post subject:

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

Hi Dtex,

If the property is free and clear, then you will be able to use a warranty deed in order to add your spouse to the property deed. If there is a mortgage on the property, then you will have to use a quitclaim deed to add your spouse to the deed.

Thanks

Like | Dislike | Share | Posted: Wed, 03/07/2012 - 00:59 | Post subject:

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

What form is needed to add spouse name to homestead on our home ( Texas )

Like | Dislike | Share | Posted: Tue, 03/06/2012 - 14:23 | Post subject:

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

My mother quitclaim property to me and my siblings. One has a mortgage the other back taxes owed. My name is not on the mortgage. If either of these properties go into foreclosure will it hurt my credit?

Like | Dislike | Share | Posted: Thu, 03/08/2012 - 09:54 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi madinny!

Welcome to forums!

Even I think they are wrong in saying this. It will be better if you could contact a real estate attorney and take his opinion in this matter.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 03/22/2012 - 00:32 | Post subject:

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

I was divorced about three years ago. My ex was granted our house. He says he did a deed and had my name taken off the house. I have applied for a couple of loans and have been told that I have a open mortgage. I want to know how this could be? Whats going on here? Can you help me?

Like | Dislike | Share | Posted: Tue, 03/27/2012 - 08:39 | Post subject:

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

Hi kelly,

Unless your ex refinances the mortgage in your name, you won't be able to get rid of the mortgage payments. So, it will be mentioned as an open mortgage in your credit report. You should contact your ex and ask him to refinance your mortgage.

Thanks

Like | Dislike | Share | Posted: Wed, 03/28/2012 - 22:51 | Post subject:

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

My sister has terminal cancer and in her will has me as heir to her townhouse. We recently filed a quitclaim deed for her property to avoid probate in Minnesota. She still has a mortgage on the property. My plan is to sell the property after she dies but not sure if there is anything else I need to do regarding her mortgage. Can I just put the house up for sale and pay off her mortgage from the equity? She also has me as executor in her will.

Like | Dislike | Share | Posted: Mon, 04/09/2012 - 06:44 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Don!

Welcome to forums!

If you sell off the property, you will have to pay off the mortgage dues with the help of that sale proceed. if you don't do so, the lender may not allow you to sell the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 04/10/2012 - 00:28 | Post subject:

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

My hsuband and I did a subdivision and the deed for the new lot was in my name. When we went to buy more real estate our BAC broker said that the lot needed to go back to my husband and he could refiance the lot and then I would purchase new property. I think I had a very high credit score and my interest rate would have been lower. The whole deal fell apart on the new house anyway. Now I have the debt and he has the deed (deeded to him 2 years after the original subdivion) Can he sell it without me. What happens? Thank you

Like | Dislike | Share | Posted: Wed, 05/02/2012 - 06:11 | Post subject:

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

There is a mortage on the house with my son in law, my daughter, and myself. My son in law and daughter are separating on a 6 month trial basis. In the event of a divorce, my daughter and myself wish to still live here. My son in law has said he will sign a quit claim. Does this absolve him from mortage responsibilies? Would my daughter and nee to refinance the house?

Like | Dislike | Share | Posted: Sat, 05/05/2012 - 10:25 | Post subject:

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