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Tranfer House Titles/Mortgages

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iamsoblind42 posted 1/22/2014 17:05 PM

Hello,

I own a couple of homes that were bought during my M. In our S agreement, I will keep one and he will take the other. Only my name is on the title of the one he will take and both are on the one I will keep. What is the best way to handle this? I have a great rate on my current home, only 3.25% which is no longer available. I do not want to have to refinance it. Thanks!

PS: sorry for the typo in the subject.

[This message edited by iamsoblind42 at 5:06 PM, January 22nd (Wednesday)]

mandan66 posted 1/22/2014 17:21 PM

Sorry----hate to be the bearer of bad news, but in most States, the only way to get the other persons name off the title is to refinance. The Quit Claim is not enough. Check with your lender though. But in my state (Kansas), that was the case. I went from a 3.5 to 4.25, which really only added about $45 a month to the mortgage.
Good luck!

iamsoblind42 posted 1/22/2014 19:39 PM

That sucks and a law that really should be looked at.

sparklezombie posted 1/23/2014 12:37 PM

I'm a lawyer and while I have to give you the caveat that I can't give legal advice on this forum, here's my take.

Typically, a quit claim deed (or general warranty deed) will remove someone's name from the title. You can do that anytime and just contact a real estate atty to get it done. It's not generally expensive.

To remove someone from the mortgage, you need to refinance or assume the mortgage. WH is in the process of assuming the mortgage for our primary residence. I will be looking into refinancing our two rental properties. However, we have already signed the deeds to transfer actual ownership to the person that is keeping the properties.

We have a great rate on our primary residence which is why WH is looking to assume the mortgage instead of refinance. I would look into that. It's not usually that difficult as long as your income and credit are good enough to qualify (which you would need anyway to refi).

Message me if you want to chat more about it.

Phoenix1 posted 1/23/2014 12:54 PM

I was awarded the marital home and all equity, but the house and mortgage were in both names. XPOS signed a Quit Claim and the title transferred easily into my name alone (we did it ourselves). I can't get his name off the mortgage unless I refinance, which means I will lose the low interest rate I currently have. I checked into this BEFORE I prepared our settlement documents and made sure that I put a clause in it that said the mortgage shall remain in both names until such a time as I am able to refinance (XPOS ruined my credit) with the same or better interest rate in my name alone. There is no time limit either so I am in no hurry to make that happen. I continue to pay the mortgage 100%. XPOS signed and the judge approved it so it is all good!

Dreamboat posted 1/23/2014 13:35 PM

I was awarded the marital home and all equity, but the house and mortgage were in both names. XPOS signed a Quit Claim and the title transferred easily into my name alone (we did it ourselves). I can't get his name off the mortgage unless I refinance

This is the case for me also. This worked for me because *I* was not dependent upon X to make any payments so I did not have to worry about him defaulting and the mortgage company coming after me. This would be a worry for him except I actually pay my bills (unlike him...)

In my state, the mortgage and the deed are not tied together. I could have refi at the time of the D, the mortgage rates were the same as ours was, so I did not want to pay the lender to refi. I recently looked into refi at a lower rate but since I plan to sell in a couple of years the money I would have to pay up front would not have made it worth it.

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