What if my name is not be on the mortgage. The person I am adding to the title would be the only one on the mortgage.
2007-01-05 14:21:45 · 7 answers · asked by pari 1 in Business & Finance ➔ Renting & Real Estate
If you remove your name from the title by "deeding" it to someone else, you no longer own the property. You can do this by quit claim deed.
One point of caution if you have an existing mortgage, is the "acceleration clause" that is "due on sale or transfer clause" (although most mortgage companies are more concerned with being paid and on time).
Once you file a quit claim deed the other person not only owns the property but can qualify for a mortgage against the property and they also will have all rights and privileges to sell, rent or do as they wish with the property.
You will essentially have no rights to the property, as if you sold it.
2007-01-05 15:46:45 · answer #1 · answered by LadyB!™ 4 · 0⤊ 0⤋
Can you add someone's name to the Title of your house? Yes with alot of paperwork.
Can I take my name off a Title? Only if you pay it off, or the individual will assume the mortgage...That's if it's assumable.
2007-01-05 14:26:14 · answer #2 · answered by Wabbit 5 · 0⤊ 0⤋
In regards to title, you basically can quit claim you on or off any title. It doesn't really mean a damn thing become YOU are still responsible for that monthly note. You are on what is called the deed of trust or in some states its called the mortgage
2007-01-05 14:58:53 · answer #3 · answered by HairyBack 2 · 0⤊ 0⤋
Any offender expert or call company can do a deed of modern to the two one in each of you as tenants by way of the complete lot with a spectacular of survivorship. cut back than $a hundred or maybe with county recording fees are. Edit; a Q/c deed isn't what you elect suitable right here. A Q/c Deed relinquishes any interest you have in a aspects and kills your assure covenants on the deed. canines is a thank you to pass.
2016-12-16 03:17:31 · answer #4 · answered by ? 4 · 0⤊ 0⤋
First this must be handled through an attorney.
The mortgage company must be in agreement.
To protect yourself do it the proper way without short cuts.
It could cost you alot more if you do not.
2007-01-05 14:31:39 · answer #5 · answered by Samantha 4 · 0⤊ 0⤋
it can. it is easy. if your name off the mortgage, you have nothing
2007-01-05 14:32:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes you can do that, you just have to do some paperwork
2007-01-05 15:06:37 · answer #7 · answered by Tracy L 1 · 0⤊ 0⤋