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Can you remove your name by deed transfer if you signed the initial mortgage with the lender?
Wiki User
∙ 10y ago
You can effectively remove your name from a deed by executing a quitclaim on the property.
However, this doesn't release you from paying the debt. If you were hoping to stick somoene else with the bill, no, it doesn't work that way.
Wiki User
∙ 10y ago
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Will refinancing your mortgage remove the mortgage insurance from your loan?
Actually, you may not have to go as far as refinancing to remove the mortgage insurance. If you have paid down the principle and have equity, you may have reached the percentage where your lender does not require mortgage insurance. Check with your lender and read your note to see where you stand.
Can you force a foreclosure to get your name off of a mortgage?
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
How can I have my daughter's name removed from a mortgage?
The lender owns the mortgage and a lender will not generally remove any name from the obligation to pay. The only way for you to get your daughter's name off the debt is to pay the loan off and refinance in your own name.
I am acquiring a 30 year FHA Non-occupying co-borrowers mortgage loan with a family member. However in 2 years I would like to remove my Dad and add my wife to the deed. What are the downfalls?
A lot of people add and remove people from the deed to their property, without any trouble.... but if you change title the mortgage company CAN accelerate your mortgage (make it become due & payable) if they find out. If you remove your dad from the Mortgage or Loan and add your wife she will have to qualify for the mortgage with you. You will have to do a refinance with your current lender (or another lender) you will have to have a new appraisal & credit docs to prove you qualify. If you do a "Quit Claim Deed" or "Gift Deed" adding your wife and removing your dad. He will still be responsible for the mortgage until he is removed from the loan and she will not receive the credit for the mortgage payments on her credit report until she is on the loan.
How can you get your name off a mortgage loan?
Generally, to remove one person from a mortgage that person must transfer their interest to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
How do you remove your name from a joint mortgage in Portugal?
You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.
How can you transfer an existing mortgage out of your own name and into the name of an LLC?
You cannot transfer a mortgage since the mortgage is owned by the bank. The bank is unlikely to remove the obligation from you to an LLC. You would need to pay off the existing mortgage, transfer the property to the LLC, and then refinance under the LLC . . . if the bank will allow the transfer of title and new mortgage.
Will refinancing your mortgage remove the mortgage insurance from your loan?
Actually, you may not have to go as far as refinancing to remove the mortgage insurance. If you have paid down the principle and have equity, you may have reached the percentage where your lender does not require mortgage insurance. Check with your lender and read your note to see where you stand.
How much will it cost you to remove spouse from mortgage?
A quit claim deed will be rather inexpensive. However, the spouse can require payment to sign the agreement. You cannot remove them without their agreement and consent.Another PerspectiveA quitclaim deed will transfer the interest of the spouse in the property but will have no effect on the grantor's responsibility to the lender or the mortgage. Generally, the mortgage must be paid and refinanced in order to remove a spouse from any responsibility for paying the mortgage.
Can you force a foreclosure to get your name off of a mortgage?
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
How can I have my daughter's name removed from a mortgage?
The lender owns the mortgage and a lender will not generally remove any name from the obligation to pay. The only way for you to get your daughter's name off the debt is to pay the loan off and refinance in your own name.
Can you remove your wife from the title?
If she is also paying the mortgage, then you will need to get the agreement of the lender to do this. At my divorce, I signed a quitclaim, which may be what you need.
I have a lien on my condo but want to remortgage?
Your mortgage lender is the person who can tell you how to proceed. Generally, a lender will require that you pay the debt and remove the lien before a new financial agreement can be made based on the property.
How do you remove a former partner off of a mortgage loan?
You would need to take that question up with the lender. It may want you to refinance the loan.
Is there a way to remove a co signer from a mortgage without refinancing by using a quitclaim deed?
No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.
I am acquiring a 30 year FHA Non-occupying co-borrowers mortgage loan with a family member. However in 2 years I would like to remove my Dad and add my wife to the deed. What are the downfalls?
A lot of people add and remove people from the deed to their property, without any trouble.... but if you change title the mortgage company CAN accelerate your mortgage (make it become due & payable) if they find out. If you remove your dad from the Mortgage or Loan and add your wife she will have to qualify for the mortgage with you. You will have to do a refinance with your current lender (or another lender) you will have to have a new appraisal & credit docs to prove you qualify. If you do a "Quit Claim Deed" or "Gift Deed" adding your wife and removing your dad. He will still be responsible for the mortgage until he is removed from the loan and she will not receive the credit for the mortgage payments on her credit report until she is on the loan.
How can you get your name off a mortgage loan?
Generally, to remove one person from a mortgage that person must transfer their interest to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
