Remove your name from mortgage by refinancing
People thought that by signing the quit claim deed can remove themselves from the title of ownership of a house, but it is not going to exempt them from the responsibility of still paying mortgage for the house. Quit claim deed can only get you in worst situation by signing off the ownership of the house to someone else, if you don’t take care of the mortgage as well. It is not related, and it is separate part of process.
For people who wants to get their name removed from the title of the house, he / she should file a paperwork on quit claim deed. Please remember, the quit claim deed only removed your name from the house; which means you no longer own this house. To remove your finance responsibility for that house, you must refinance the house. By doing so, you must have the new owner of the house, to apply for the new mortgage, or refinance under their name. By doing so, you can have your name removed from the financial responsibility from the house.
Some people give their house a gift house to his / her relatives, by signing off their names from the title of the house. But they still have the responsibility to keep on paying the house. They should have their relatives apply for the refinancing of the house, before they transfer the title to their relatives. This is a vivid example of it.
Comments
One Response to “Remove your name from mortgage by refinancing”
[...] jia zhou wrote an interesting post today onRemove your name from <b>mortgage</b> by <b>refinancing</b> : <b>Mortgage</b> UpdatesHere’s a quick excerpt [...]