Can a joint-tenancy be severed and made tenancy-in-common without giving notice to the mortgage holder?
2007-09-12 01:59:59 · 4 answers · asked by lab90210 3 in Politics & Government ➔ Law & Ethics
This depends on your mortgage. The mortgage holder probably will not care so long as the same individuals hold title but your mortgage most likely requires that you give them notice. Simply file the deed and then send a copy to the mortgage company.
2007-09-12 02:07:47 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Most mortgages say that payment in full is due if the ownership of the property is changed in any way. As a practical matter, mortgage companies are way too busy to keep track of this stuff, or to even care, especially if the payments continue to be made. I see this done all the time without any problems. You can execute and record a Quitclaim deed as joint tenants, to each of you as tenants and common and it's a done deal.
2007-09-12 14:56:41 · answer #2 · answered by J P 7 · 1⤊ 0⤋
You really are supposed to give notice to the mortgage company of any change in ownership of mortgage property. However, this would not cause an issue with the mortgage holder because I assume you are not changing owners, only the type of ownership. Also, the mortgage is attached to the real estate so the mortgage holder would have a futile task convincing any court that this type of change would cause it to incur additional risks.
2007-09-12 09:08:38 · answer #3 · answered by David M 7 · 1⤊ 0⤋
No, it also must be changed with them, in the event of a death.
2007-09-12 09:07:16 · answer #4 · answered by Big Bear 7 · 0⤊ 1⤋