Putting Mortgage Deed into my name?

Question

Good Morning ~

My boyfriend purchased a townhouse a few years back and now wants to put the deed into my name and remove his name. How do I go about doing this? Plus, my credit is not that great, is this doable? It's basically the deed/house is under my name, but he is still on the original mortgage loan? Correct.
Am I making sense?

Thanks-

Answer 1

your credit will have nothing to do with the deed in your name unless you are going to refinance his mortgage debt into your name. FYI not the easiest loan to place.

More than likely his current mortgage has a clause that will require that he pays the mortgage in full if his name is removed from title. You can find this information in the security instrument / mortgage that was signed at closing.

This does sound a little sketchy. Why does he want the home out of his name? divorce bankruptcy? Get advice from a real estate attorney or one that specializes in what you are really trying to avoid.

Answer 2

He can deed the property to you. All it requires is a general warranty deed. However, he is still liable on the mortgage.

There may be a problem if the mortgage has a "due on sale" clause in it.

Any bank or mortgage company would want to have you make an application and do a credit check on you. I would not know whether you may qualify for a mortgage with them. When you said your credit is not that great, you seemed to indicate that there may be a problem.

Is your boyfriend married to somebody else right now? Is he trying to "hide" assets? If so, a competent divorce attorney might be able to find out what is going on, so be warned.

Answer 3

Yes, just have him fill out a quit claim deed and file it with the county where the residence is located. Your credit makes no difference as long as your not refinancing. However, if he attempting to hide an asset the courts will go back 5 to 7 years and look at such transfers and will deem them void if it finds that he was indeed trying to hide an asset from creditors or a petitioner in a lawsuit so be careful.

Answer 4

It depends on the state you live in my state you could use a Quit Claim Deed. However depending on the type of mortgage the lender could recall the mortgage (require full payment of the mortgage) as soon as the property is transferred out of the name of the person holding the mortgage. Also there are tax liabilities to transferring the house. You could have to pay taxes on the full value of the home as a gift. This all depends on the situation and state you are in.

Answer 5

the first thing who said you couldn't have your name on the mortgage, he could be your witness as to your request for a joint partner in obtaining the said house, Now you should call the person back to change this as you are of age now, make an appointment with your Financial adviser or did you have done through a bank if so thats better, because they will have all the details,do it now,i am asking myself if you couldnt sign how did they arrange who could afford to buy the house,did he have enough to pay,did they or did you take this on your own,do see where iam comming from, was the financial adviser present when he signed well start therebut do now! houndog

Answer 6

Yes because you are still listed as a co-owner of the home. He can not keep you from entering the home to pick up your belongings. You can call the police and have them escort you to the house. Just explain your situation to them.

Answer 7

Do I smell and illegal hiding of assets being attempted here?