You could quitclaim your interest in the property to the co-owner, but you are obligated to pay the mortgage. In that case you would no longer have any ownership interest in the property but you would be fully responsible for paying the mortgage until it is paid off. If the co-borrower failed to pay the lender would seek payment from you. You should consult with an attorney who can review the situation and explain your options, responsibilities and the consequences of executing a quitclaim deed.
See related question.
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
Yes, but if your name was added to a deed after the owner granted the mortgage your interest is subject to the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure and your interest will be wiped out.If the mortgage is paid and the house is sold you will receive half of the proceeds at the time of sale.
The bank doesn't care whose name is on the deed, just whose name is on the mortgage. You can sign a quit claim deed so it is all the partner's. So you would be giving up deeded ownership and still be liable for the mortgage if your ex; who can't qualify for a mortgage ever defaults? Really? This doesn't sound like a good idea on so many levels.
The mortgage must be paid off and the co-owner must refinance in their own name. The one who wants to take their name off the mortgage must convey their interest to the co-owner by deed.
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
You cannot take your husband's name off the mortgage. You must refinance in your own name and pay off the prior mortgage. You should have a deed drafted by an attorney.
Yes, but if your name was added to a deed after the owner granted the mortgage your interest is subject to the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure and your interest will be wiped out.If the mortgage is paid and the house is sold you will receive half of the proceeds at the time of sale.
If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject to the mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.
The bank doesn't care whose name is on the deed, just whose name is on the mortgage. You can sign a quit claim deed so it is all the partner's. So you would be giving up deeded ownership and still be liable for the mortgage if your ex; who can't qualify for a mortgage ever defaults? Really? This doesn't sound like a good idea on so many levels.
The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.
You cannot just take someone's name off a deed. The person owns the property and they must transfer their interest voluntarily by executing a new deed that transfers their interest to a new owner. The only other way to "get someone's name off a deed" is by a court order.
It depends on what you wanna change. You cant the take the name off the deed of the person whose name the mortgage is in, obviously but you can add anyones name you want with a little paperwork. The easiest way is to go through a title company. They are fast and know what theyre doing.
The mortgage must be paid off and the co-owner must refinance in their own name. The one who wants to take their name off the mortgage must convey their interest to the co-owner by deed.
If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.