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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.

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Q: Can you sign a quitclaim deed to co-signer if you still owe mortgage company?
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If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?

Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.


What if the cosigner has two car loans and a mortgage can they still cosign?

They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.


Can you take your name off the deed but still be on the mortgage?

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.


If 2 people are on a home 1 signs over a quitclaim deed moves out and files bankruptcy will the other person loose the house do to the bankruptcy?

A quitclaim deed says the signer no longer has any ownership or responsibilities to the property in question. However, if there is a mortgage in the signers name, he or she is still responsible for that debt, even though they no longer own the property. If a person files bankruptcy after signing a quitclaim deed, any mortgage owed is still factored into the bankruptcy proceedings. If the court so deems it, and it is a common practice, filing a quitclaim deed just prior to filing for bankruptcy can be considered fraud. It is best to consult a bankruptcy attorney familiar with local laws prior to signing any document.


Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?

As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)

Related questions

If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?

Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.


Does the bank still collect from a deceased co signers estate if the property was sold?

The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.


What if the cosigner has two car loans and a mortgage can they still cosign?

They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.


When mortgage holders die what are mine and the mortgage company rights?

If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.


If I own a home with a co signer and file a chapter 7 will their credit be affected?

If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.


If you filled for bankruptcy then modified a mortgage can the mortgage company come after you or will it still be in your bankruptcy?

Great question for your BK attorney


Can you take your name off the deed but still be on the mortgage?

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.


If 2 people are on a home 1 signs over a quitclaim deed moves out and files bankruptcy will the other person loose the house do to the bankruptcy?

A quitclaim deed says the signer no longer has any ownership or responsibilities to the property in question. However, if there is a mortgage in the signers name, he or she is still responsible for that debt, even though they no longer own the property. If a person files bankruptcy after signing a quitclaim deed, any mortgage owed is still factored into the bankruptcy proceedings. If the court so deems it, and it is a common practice, filing a quitclaim deed just prior to filing for bankruptcy can be considered fraud. It is best to consult a bankruptcy attorney familiar with local laws prior to signing any document.


After a relief from stay is granted to the mortgage company is the property still a part of the bankruptcy estate or does the mortgage company now have ownership rights to the property?

It is still yours until foreclosed formally...the stay just means they can do so.


Who is responsible for paying the mortgage after a quitclaim deed?

The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.


What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.


If you are married to an illegal immigrant and own a house then you divorce what happens with the house?

You should get a quitclaim recorded by the ex-spouse if they are on the title. The mortgage in your name will still be payable. As far as I know, foreigners can have ownership in property in the US