Posted on: 13th Jul, 2007 07:54 am
my mother and i bought a house together a couple of years ago. she is now off traveling and wants to sign the house title, and the responsibility of payments over to me. that part is no problem as i make plenty of money to afford the house on my own. my question is: is a quitclaim deed the way to take her name off the house? how do i get her name off the mortgage without having to refinance, etc, or should i even worry about that. our main concern is to have her name off the house for the 5 years it takes in case she should have to go to a nursing home.
Hi Julie,
Welcome to Mortgagefit discussion board.
"Is a quitclaim deed the way to take her name off the house?"
Yes a quit claim deed is quite suitable for the purpose of ownership transfer. Quit claim deeds are commonly used in property transfers between family members. You shouldn't have any problem if it is used.
" How do I get her name off the mortgage without having to refinance, etc, or should I even worry about that."
Coming to your concern about the mortgage, her name can be taken off the mortgage if the mortgage has assumption clause in it. If the mortgage has such a clause then you will not have to go through the refinance process.
Another option is what is known as novation by which you can take over the payment responsibility from your mother. But for both these options lender would require you to have very good credit profile and income source.
If the mortgage does not have the assumption clause or lender does not agree to novation then you will have to refinance the mortgage in your name.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
"Is a quitclaim deed the way to take her name off the house?"
Yes a quit claim deed is quite suitable for the purpose of ownership transfer. Quit claim deeds are commonly used in property transfers between family members. You shouldn't have any problem if it is used.
" How do I get her name off the mortgage without having to refinance, etc, or should I even worry about that."
Coming to your concern about the mortgage, her name can be taken off the mortgage if the mortgage has assumption clause in it. If the mortgage has such a clause then you will not have to go through the refinance process.
Another option is what is known as novation by which you can take over the payment responsibility from your mother. But for both these options lender would require you to have very good credit profile and income source.
If the mortgage does not have the assumption clause or lender does not agree to novation then you will have to refinance the mortgage in your name.
Do let me know if you have any other questions.
Thanks
Blue
Yes Julie a quit claim deed would serve the purpose. Ownership transfer would complete after the deed is signed by your mother as well as by you, notarized and recorded. But as Blue said you might be required to refinance the mortgage.
You can go through this page to know more about the use of quit claim deeds in property transfers: http://www.mortgagefit.com/quitclaim-deed.html
Miller
You can go through this page to know more about the use of quit claim deeds in property transfers: http://www.mortgagefit.com/quitclaim-deed.html
Miller