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You have the title company write up a "quit-claim deed" for the property. You need to sign it and then the person you want off the loan has to sign it (but they MUST have it notarized), then it can be mailed back to the title company for completion.
You will have to refinance the debt with your creditor, and qualify for the debt on your own merit. The co-signer will have to file a Quit Claim Deed.
This is a common question, especially when done as a form of asset protection. The ability for the bankruptcy courts to bring the real estate asset into the proceedings will depend on a few factors. A few of those being if the asset was transferred less then 12 months prior to the bankruptcy, do the "old owners" still live in the property, and/or if there is a mortgage or other debt for which the property is subject to. Lastly, there are some people that attempt to quit claim property as an attempt to hide or shelter assets, both in bankruptcy and divorce matters, and if the courts suspect such they can create a hold new legal problem for both the "old owners" and the new deed holder.
Unfortunately, if you've signed your rights away you are only removed from title and are still obligated to the mortgage. The only way to get out of the mortgage is for the person holding title to refi and have your name removed from the mortgage.
Assuming you already have a loan in your name, and assuming this loan was approved in the last 20 years or so, no. You can't change a loan from one person to another. The only way to change a loan is to get a new loan. Remember the bank needs to be sure your boyfriend is credit and income-worthy of the loan, just like they did with you. Assumable mortgages have not been around in a long time. Nowadays, loans are unassumable, meaning each time a loan is received, it must go through the process of approval with the bank. If I misunderstood you, and you were really asking can the deed have the names changed, sure. That's just a quit claim deed. However, no matter what the deed says as far as ownership is concerned, the loan will still be in your name until a new loan is received.
No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.
No. A quit claim is simply declaring that person has no interest (economic or otherwise) in the property. They are being removed from the title. A quit claim has no impact on the loan that is secured on the property. Only the lender who owns the loan can release a party from the loan. For the most part a lender has no incentive to remove one person from the loan as that increased the risk to the lender for no benefit. The traditional way to remove a borrower is to pay off the loan. The party that wants to continue to own the property refinances with the old loan being paid off. Being on the property's title and being on the loan are two different things. A quit claim only impacts the title (ownership) and not the debt (the loan).
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
Yes. You effectively "quit" your claim of ownership.
The mortgage is still a lien against the property. A quit claim deed does not affect the liabilities and liens, which are still the responsibility of the deceased, and therefore, his estate.
Normaly only if you have not recorded such quit claim...
You can quit claim your rights to the property. However, that doesn't quit claim your spouse's rights to the proprty. Once married the spouse in most states has rights to the property.
yes. you can quit claim to anybody you want. you lose all interest in that property. however, you may still owe on it even if you have given it away.
A quit claim is a method of transferring property. It has nothing to do with the value of the estate.
They can do whatever they wish with their rights and property.
A quit claim deed gives whoever is on it the same rights to the property as the original holder had. If you create a quit claim deed for property you hold title to and put your own name on it along with someone else, you are essentially splitting the property in half.
Yes, of course.