Posted on: 13th Aug, 2007 07:52 am
[size=12:403280c488][color=blue:403280c488][font=arial:403280c488]hello, my girlfriend & i purchased a property in nj under her name, now we are both going our seperate ways, i have been paying the mortgage since day 1 and we both decided i was keeping the property and shes willing, if she quit claims the property over to me, can i refinance in the future under my name?. and if she has any debts occur in the future after she quitclaims me 100% of the property can they come after the home since she is still in the title as owner?[/font:403280c488][/color:403280c488][/size:403280c488]
Hi Genuine,
Welcome to Mortgagefit discussion board.
As your girlfriend is willing to give full ownership to you then there should not be any problem with the title transfer.
Now before taking steps for transfer of ownership you should inform the mortgage company about the decision both of you have taken with regards to ownership transfer. And inquire whether you'd be able to qualify for a refinance. They will let you know if it would be possible or not.
If you can qualify for refinance then at the time quit claim deed is made necessary steps would be taken to transfer the mortgage obligation over in your name through refinance.
"And if she has any debts occur in the future after she quitclaims me 100% of the property can they come after the home since she is still in the title as owner?"
After she quit claims the property to you she will not remain the owner. Ownership will be fully transferred in your name. And any of her creditors cannot come after your property for recovery of the debts. It will be her sole responsibility.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
As your girlfriend is willing to give full ownership to you then there should not be any problem with the title transfer.
Now before taking steps for transfer of ownership you should inform the mortgage company about the decision both of you have taken with regards to ownership transfer. And inquire whether you'd be able to qualify for a refinance. They will let you know if it would be possible or not.
If you can qualify for refinance then at the time quit claim deed is made necessary steps would be taken to transfer the mortgage obligation over in your name through refinance.
"And if she has any debts occur in the future after she quitclaims me 100% of the property can they come after the home since she is still in the title as owner?"
After she quit claims the property to you she will not remain the owner. Ownership will be fully transferred in your name. And any of her creditors cannot come after your property for recovery of the debts. It will be her sole responsibility.
Do let me know if you have any other questions.
Thanks
Blue
"And if she has any debts occur in the future after she quitclaims me 100% of the property can they come after the home since she is still in the title as owner?"
After she quit claims ownership to you, nobody will be able to come after the home as it will not be listed as her property. She will not remain the owner.
If the deed is properly notarized and recorded with county recorder's office then you will become the owner and cannot be held liable for her debts.
Miller
After she quit claims ownership to you, nobody will be able to come after the home as it will not be listed as her property. She will not remain the owner.
If the deed is properly notarized and recorded with county recorder's office then you will become the owner and cannot be held liable for her debts.
Miller
Hi Genuine,
I feel that both of you are holding the mortgage. Now, if she quitclaims the property back to you, you can easily refinance the loan solely in your name. But the lender should be surely informed of the refinance.
After quitclaiming the property to you, your girlfriend will have no right to it. The property ownership will be completely transferred to you after the deed. After signing the deed, if she has any debts in the future, it will have no impact on your ownership.
I feel that both of you are holding the mortgage. Now, if she quitclaims the property back to you, you can easily refinance the loan solely in your name. But the lender should be surely informed of the refinance.
After quitclaiming the property to you, your girlfriend will have no right to it. The property ownership will be completely transferred to you after the deed. After signing the deed, if she has any debts in the future, it will have no impact on your ownership.