Posted on: 16th Aug, 2007 10:19 pm
hi, i was just wondering...if i want to remove a co-borrower from the title and add a different person, would i need to sign the quit claim deed too, or is it just the person thats getting off? thanks.
hi guest,
you can add or remove a co-owner from the deed by using a quitclaim deed. but you cannot remove a co-borrower from a loan with a quitclaim deed. to get the co-borrower's name off the loan, the mortgage company may ask to refinance the loan. to know more on this issue, you can refer to: http://www.mortgagefit.com/discuss/quick-claimdeed.html
you can add or remove a co-owner from the deed by using a quitclaim deed. but you cannot remove a co-borrower from a loan with a quitclaim deed. to get the co-borrower's name off the loan, the mortgage company may ask to refinance the loan. to know more on this issue, you can refer to: http://www.mortgagefit.com/discuss/quick-claimdeed.html
I appreciate your response Larry, but I think I need to elaborate my question. Okay, here's my scenario...one of my friends and I bought a house together about 3 years ago. My co-owner friend has since gotten married and moved out and would like to quit claim on the house to me and my boyfriend. My boyfriend and I will then refinance. My question is, do I need to sign the Quit Claim
since I'm already on the title and I want to stay on? I'm asking because someone had mentioned to me that I would have to do a quit claim too but it doesn't seem to make sense to me because I'm not the one giving ownership up rights. Please advice. Thank you.
Dnh
since I'm already on the title and I want to stay on? I'm asking because someone had mentioned to me that I would have to do a quit claim too but it doesn't seem to make sense to me because I'm not the one giving ownership up rights. Please advice. Thank you.
Dnh
Hi Guest,
Welcome back to forum.
In this case, your friend needs to do the quitclaim deed and transfer his ownership rights to the property back to you.
After getting complete ownership of the property, when you will be adding your boyfriend to the deed and will later refinance the existing loan, you will be required to sign.
Welcome back to forum.
In this case, your friend needs to do the quitclaim deed and transfer his ownership rights to the property back to you.
After getting complete ownership of the property, when you will be adding your boyfriend to the deed and will later refinance the existing loan, you will be required to sign.
Thank you so much for your help Larry. God Bless.
Hi Guest,
It's great to feel that you are benefitted from the community. Please feel free to ask if you have any further query.
It's great to feel that you are benefitted from the community. Please feel free to ask if you have any further query.
Your co owner friend can directly quit claim his share to your boyfriend. It need not be that friend quit claims to you then again you make a quit claim deed to include your boyfriend.
"My question is, do I need to sign the Quit Claim since I'm already on the title "
No you do not have to sign. Only the grantor and grantee have to sign the deed. It means that your co owner friend will sign as grantor and your boyfriend as grantee.
"My question is, do I need to sign the Quit Claim since I'm already on the title "
No you do not have to sign. Only the grantor and grantee have to sign the deed. It means that your co owner friend will sign as grantor and your boyfriend as grantee.
i have a co.borrower on my home mortgage she had no contribution towards the purchase of my home. we had a varbal agreement to refinance and take out her name. i even paid her debt to qualify to co.borrow with me. now i am able to secure a refinancing with a bank she is refusing to sign out and hire an attorney who is now requesting that i pay $25,000 before she can sign out. this sound very crazy, but yet it is happening to me. i have also now hire an attorney who is going to sue this lady. please advice!!!
Hi debrah!
Welcome to the forums!
If her name is on the property deed, then it will completely her discretion whether or not she will transfer back the property to you. It should be remembered here that verbal agreements hardly hold any value.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If her name is on the property deed, then it will completely her discretion whether or not she will transfer back the property to you. It should be remembered here that verbal agreements hardly hold any value.
Feel free to ask if you've further queries.
Sussane