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Take a loan from the bank...........
This can be a little tricky depending on the terms of the loan. The short answer is yes, you can easily file a quitclaim deed with a local title company and have official ownership changed to your name only (or the co-signor's name only). The caveat is that "tecnically" this may be against the terms of your mortage. The bank could use this as cause to terminate the mortgage and ask for full re-payment at once. The reality is that is it done all the time and there is no way the bank will ever know UNLESS you default on the loan. If the loan is defaulted on, then the bank may have reason to research the title and see the change. Generally, this is only recommended among family members who you KNOW will always pay the mortgage on time and in full. When in doubt, cover yourself and do not file the quitclaim deed.
Yes they do
The balance means the amount of money that you still owe on the loan.
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
Take a loan from the bank...........
A quitclaim deed conveys whatever the grantor owns. The bank would perform a title examination to make certain that the person who transferred the land to you was the sole owner. If the title examination shows that you indeed acquired the land by your deed and there are no prior liens, the bank will loan you money as long as your credit record is good.
The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.
In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.
This can be a little tricky depending on the terms of the loan. The short answer is yes, you can easily file a quitclaim deed with a local title company and have official ownership changed to your name only (or the co-signor's name only). The caveat is that "tecnically" this may be against the terms of your mortage. The bank could use this as cause to terminate the mortgage and ask for full re-payment at once. The reality is that is it done all the time and there is no way the bank will ever know UNLESS you default on the loan. If the loan is defaulted on, then the bank may have reason to research the title and see the change. Generally, this is only recommended among family members who you KNOW will always pay the mortgage on time and in full. When in doubt, cover yourself and do not file the quitclaim deed.
In Ohio, if you sign a quick claim deed to land and a house when your name is still on the mortgage loan, you will still be responsible to the bank.
In Ohio, signing a quick claim deed to land and a house when your name is on the loan will still make you legally responsible for the loan.
Yes they do
The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.
Normally a lender will require the spouse who is not borrowing the money to execute a deed transferring the property to the spouse who is borrowing the money. This would normally be accomplished during the escrow process. After the loan process is completed the borrower spouse can execute a new deed to add the other spouse back on. The spouse who is being asked to sign off the deed should beware, understanding that once they sign off he or she no longer owns the property. You want to make sure that you get added back on but the property is subject to the mortgage.
If your property is collateral for the bank's loan there is almost a 100% probablility that, whether you hold the deed or not, they have filed a lien against the property to protect their interests
The balance means the amount of money that you still owe on the loan.