We co-signed a mortgage for our son, he is now able to qualify for the mortgage himself and wants to renew this mortgage in his name, how do we remove our names and all claims to the property and mortgage?
2007-07-21 06:58:41 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The deed and mortgage are 2 different documents.
You are financially responsible along with son for the mortgage. you CANNOT sign yourself off of the mortgage.
You CAN sign off on the deed, and a GRANT DEED/ Warranty Deed is safer than a Quit Claim.
When you say "renew" the mortgage, do you mean REFI ?
The escrow/title company will take care of all the paperwork.
Without a refi, you cannot decide by yourselves that he qualifies for the loan.
2007-07-21 07:23:25 · answer #1 · answered by CommonCents 4 · 1⤊ 0⤋
When he refinances the mortgage, it will be in his name only. A quit claim deed can be used to remove yourselves from any ownership interest in his property.
2007-07-21 14:05:20 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
A Warranty Deed is always the best way to go. Most Title Companies would tell you the same and so would most loan companies.
2007-07-21 14:12:13 · answer #3 · answered by Craig H 1 · 0⤊ 0⤋