house and mortgage is only in husband's name
husband is giving house to wife. wants to take his name off of deed.
2007-05-20 10:27:45 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
as long as the property is mortgaged in the husbands name - nothing is going to happen unless the lender agrees to have the wife substitute, which is very doubtful.
the husband cannot simply give the house to the wife, leave alone take his name off the deed.
2007-05-20 10:32:39 · answer #1 · answered by jandrkeller 4 · 0⤊ 0⤋
I'm usually asked this question in one of two contexts. First, someone is going to die. second, someone is getting a divorce. The answer is always the same.
Transferring the property and transferring the mortgage are two different things. Either a quit claim deed or warranty deed will transfer the property. Using either one will probably violate the mortgage if the lender does not approve before it is done. (It depends upon the terms of the mortgage.)
Transferring title does not get rid of the mortgage. Even if title is transferred, the mortgage stays with that property until the mortgage is paid in full. It doesn't matter how many times it is sold. If payments are not made, the lender can foreclose.
Without knowing your specific circumstances, I cannot answer more than that.
2007-05-21 00:09:37 · answer #2 · answered by mcmufin 6 · 0⤊ 0⤋
All husband need to do is sign a quit claim deed to wife as follows. John Doe husband Quitclaims (insert legal description of property) to Mary Doe a married woman as her sole and separate property.
Note this just changes ownership of the property. It does NOT get John Doe off the mortgage. He is still on the hook to make all payments on the mortgage of he will end up with bad credit.
However if he does not make payments on the mortgage and neither does Mary Doe, the property will be lost in a foreclosure.
BOB F
2007-05-20 18:54:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
A quitclaim deed only works if you are both presently on the deed. You need to call your title company. That's what the county clerk will tell you. They are just record keepers. they do not deal in legal matters such as this. Your title company will charge you a fee. Your husband needs to transfer title to you. You may need a real estate lawyer.
Good Luck
2007-05-20 17:38:35 · answer #4 · answered by rabidkitty 7 · 0⤊ 1⤋
Go to courthouse where deed is listed and ask how you get a new deed.
2007-05-20 17:30:44 · answer #5 · answered by dtwladyhawk 6 · 0⤊ 0⤋
Go to your country clerks office and make the change.
2007-05-20 17:29:45 · answer #6 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 0⤋
Go to your local Courthouse and change it over.
2007-05-20 17:47:54 · answer #7 · answered by nickle 5 · 0⤊ 0⤋
use a "quit claim" deed,
2007-05-20 17:30:33 · answer #8 · answered by Anonymous · 0⤊ 0⤋