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How do you transfer a deceased ex spouse's property to yourself with a mortgage?
Wiki User
∙ 10y ago
You cannot transfer another person's property to yourself by using a mortgage. You need to seek advice from an attorney who specializes in real estate and probate law who can review your situations and explain what needs to be done.
Wiki User
∙ 10y ago
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Can a person sell property that was held as security for a loan without consent of the lender?
If you check the note and mortgage you signed you will find some type of clause that says the mortgage will become due in full upon any transfer of the property. You would find yourself in legal trouble with the bank and with the buyer. You should do it the right way.
You quitclaimed your interest in your home to ex who recently died. How do you get your name off the mortgage?
You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.
If your name is on the mortgage but not the deed do you own the property?
No. In order to be the owner of real property you must be named as grantee on the deed. If your name is on the mortgage but not on the deed you have obligated yourself to pay for real property you do not own. If the primary borrower defaults the lender will go after you for full payment of the mortgage yet you do not own the property.
How do you protect yourself from incurring inherited mortgage debt from your father?
Generally, if your father owns real property and grants a mortgage while he is living there is no way you can "protect yourself from the mortgage debt" if he should die and you are his beneficiary. You could ask your father to purchase private mortgage insurance that would pay off the mortgage in the case of his death. However, if he does not then you have to decide if you want the property or not in the case of his death. If you don't pay the mortgage the lender will take possession by foreclosure. If you want to keep the property you'll need to pay the mortgage.
My name is on the mortgage but not on the deed will a quit claim deed release me from the mortgage or foreclosure?
No. Only the bank can release you from the mortgage. However, once you have guaranteed payment of a loan the bank won't let you off the hook unless the mortgage is paid or renegotiated. Generally, you are not free to transfer your property if it is subject to a mortgage.Most mortgage documents have a 'due on transfer' clause that the mortgagor agreed to at the time of the signing of the mortgage. The bank must be notified of any transfer in interest or the mortgagor will be in breach of the agreement and the bank will demand payment in full. A quitclaim deed will trigger the due on transfer clause. If the property is transferred, the mortgagor is still responsible for paying the mortgage and the property is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure and the foreclosure will be reported on the mortgagor's credit record.If a new owner has agreed to take possession of the real estate subject to the mortgage the seller must notify the bank of the transfer of interest. The bank may require that the mortgage be paid in full and refinanced by the new owner. On the other hand the bank may agree to allow the new owner to assume the mortgage. In that case, the original mortgagor will be free of the mortgage obligation and no longer responsible for repayment.
Does a quitclaim deed exempt you from the mortgage responsibilty?
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
How does paid off home affect your property taxes?
Generally, property tax is not determined based on a mortgage. If you owe a mortgage on your home or if it is paid in full, the property taxes will be the same. The difference for you is that you will need to track and pay the taxes yourself, instead of letting the mortgage company pay the taxes from your escrow account.
Can you quitclaim to yourself?
No, you cannot quitclaim property to yourself because quitclaim deeds are used to transfer a property's ownership interest from one party to another. Since you cannot transfer property to yourself, a quitclaim deed is not necessary.
If you inherited a home from a cousin and the home is owned free of mortgage can the medical bills of the deceased cousin cause a lien on the property?
Yes, they probably can. The debt pre-dated the transfer of property. You need to be very careful in trying to protect your interest. If you are in any way determined to be hiding or trying to eliminate procurement of assets from a lien or judgment, you could be charged with a crime. Just wait until they are finished with all their work, do not lie or omit information from inquiries, and do not even try to borrow money on the property, sell it, rent it, or anything that could be construed as converting income to yourself.
After you buy it how long before you can quit claim it?
Generally, you can quitclaim it immediately if you have a buyer and no mortgage. If you financed the purchase mortgages have a due on transfer clause that will trigger a demand for the loan to be paid in full. If you have transferred the property without notifying the bank you may find yourself in trouble.
Is it necessary for a mortgage co-signer to also be a co-owner on the deed?
The lender requires that anyone whose name is on the deed also sign the loan and mortgage papers, but a co-signer does not necessarily have to be an owner on the deed. If you do not own the property you must ask yourself who you would promise to pay a mortgage on land you do not own. Keep in mind that if the owner of the property doesn't pay the mortgage you will be held responsible for paying it even though you don't own the property. You need to ask yourself if you want to be in that precarious position. If the owner defaults your credit will be ruined as well.
How do you take my name off house deeds?
AnswerContact a real estate attorney and have them file a "quit claim deed" ClarificationYou remove yourself from ownership in the property by executing a deed that conveys your interest to a new owner or to the co-owner. Note that in the case of a mortgage, conveying your interest in the property will not remove you from your obligations under the mortgage.
