Currently both myself and my daughter is on the deed to our home in New Jersey. I have a Home Equity Line of Credit in my name but would like to remove my name from the deed. Can I file a Quit Claim Deed, but continue to pay the line of credit?
2007-10-11 16:25:04 · 8 answers · asked by stephnj 1 in Business & Finance ➔ Renting & Real Estate
You can remove your name from the TITLE to the property (ie. file a quick claim deed) and continue to the pay the mortgage. No problem. You can do this for about $75 through a real estate attorney. You cannot remove your name from the MORTGAGE without refinancing the home, however. (A *few* lenders do allow exceptions to this but would require your daughter to be able to qualify for the Home Equity Line herself). Keep in mind that in most situations (ie. non-family) it is not necessarily wise to disassociate from the asset (the title) but still remain tied to the liability (the mortgage). Obviously this should not be a problem if your relationship with your daughter is one of trust. Hope this helps.
2007-10-11 16:33:51 · answer #1 · answered by Special K 3 · 0⤊ 0⤋
Sure that's not a problem, Just an FYI if you remove yourself from the deed you will still be on the Mortgage. The only way to get off from the Mortgage and deed is to refi your loan.
Good Luck. Also be careful that if you file a quit claim that you don't up cap the tax bills which would raise your taxes. Just ask the question to make sure you should be ok but you might want to make sure.
2007-10-11 16:35:55 · answer #2 · answered by fsbogonewild 1 · 0⤊ 0⤋
They are separate things. You can file a quit claim on the deed, but you will still owe the money on the loan and your name will remain on the deed.
A quit claim does not remove your name from the deed. For that, your daughter would have to buy the property, which, in turn would mean that you would have to pay off or refinance the loan.
2007-10-11 16:29:40 · answer #3 · answered by Dan H 7 · 0⤊ 0⤋
A Quick Claim deed changes the deed, ownership and title to the property. The mortgage would still be attached to the property and your name stays on it until/unless you refi or pay it off. Many larger mortgage companies now do searches of deeds being recorded and it is written in a standard mortgage that they can call the note due if ownership changes. Do not tell them unless you will be paying them off.
2007-10-11 17:36:37 · answer #4 · answered by mink 2 · 0⤊ 0⤋
Quit Claim Deed only transfers the rights of the property but it does not change the loan document or responsibilities...if you Quit Claimed the property to your daughter she would own the property, but you would still be financially responsible for the loan.
2007-10-11 16:59:02 · answer #5 · answered by Anonymous · 1⤊ 0⤋
You wish to maintain the home equity line of credit but remove your name from the home? As the company who you have the line of credit with holds a lien on the home until it repaid, I do not think it would be possible to have it both ways. I would talk to a loan representative from the company who holds the equity loan.
2007-10-11 16:29:54 · answer #6 · answered by julvrug 7 · 0⤊ 0⤋
You should refinance only in your name. Title company will remove her when they file the new title. Do it all at once.
2016-05-22 00:37:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Call the courthouse in Trenton in the morning. Get the actual word from them. Don't take advice from anyone here.
2007-10-11 16:40:00 · answer #8 · answered by Anonymous · 0⤊ 1⤋