Question by mrLookyHere: Can i remove a name from Title only and not mortgage to a condo to remove name title condo?
will be refinancing a home mortgage with wife with both our names on the loan. I do not want my name on the title just the mortgage. The broker is telling me that i can remove my name from title after refinancing. Is this possible? How much trouble? I don’t mind my name on the loan i just dont want any ownership in the condo/title.
Best answer:
Answer by Common Sense
The broker is an idiot. Your name is on both or neither.
What do you think? Answer below!
That is a question in Real Estate Law ! most of us are not qualified to answer, see attorney for correct answer Have a good day!
If you do a quit claim deed to remove your from the deed, it could trigger the lender to call in the full mortgage. You also run into problems with potential errors on quit claim deeds.
I don’t understand why in the world you would be willing to be liable for the loan but want no ownership in the asset. Makes no sense.
No, not possible, the title can not alter while there is a mortgage and you can not have a mortgage for property you do not hold title to.
For what reason would you not want to be on the title? The only reason that makes any sense whatsoever is if you live in a community property state, and you want the condo to be your wife’s separate property. If that’s what you want to do, then you can generally do that by written agreement, without changing the title.
Yes, you can quitclaim your interest in the property to your wife after you refinance. However, as some people pointed out, there is probably a clause in the mortgage that states the mortgage is due upon any change of title. Now, that doesn’t mean that you are prohibited from changing the title, it simply means that the lender might decide to call the mortgage due. Doesn’t mean the lender will, just means the lender has that option.