My mom co-signed/borrowed on an FHA loan for me and her name is on both the title and loan. We want to get her name taken off of everything she can so it's not on her credit report. I know that I will have to refinance in order to get her name off of the loan, but as far as the deed, which quit claim form would need to be filled out? A regular quit claim deed or a quit claim deed joint tenancy one? It does say on the deed (...me and my mom, as grantees..... the Grantor does hereby grant and convey, with General Warranty and English Covenants of Title, unto the Grantees, as join tenants with the right of survivorship as at common law....) does that mean the quit claim joint tenancy deed would need to be filled out/notarized for her to take her name off of the deed?

Thank you so much for the help

ScottGem

What's actually going to happen here is you are buying mom's interest in the house. So its not really a refinance but a sale. At the closing, you will both sign a deed conveying the property from you and her to you alone. The person handling the closing will do this as part of the closing.

barricade

wait, so i would have to close on the house again? we were pretty sure that we just needed to fill out a quit claim deed and turn it in at the clerk's office, in order to change it from her name and my name on the deed to just me.

ScottGem

No, its not that simple. To refinance the loan in just your name, the lender is going to want her name taken off the deed. So this is all done as part of the closing.

The only time changing a deed is a simple process is when you add a spouse. Otherwise its considered a transfer of ownership.

barricade

Okay, i understand that part now. What if we just want to get her name off of the deed? Wouldn't that only require filling out the quit claim deed (quit claim deed joint tenancy)? We will be getting ready to sell the house soon and she just doesn't want the hassle of having to sign stuff and then send them back to me when that time comes since her name is on the deed. I probably will not be refinancing the loan since we will be selling soon. Thank you so much for the insight.

ScottGem

Any change in ownership could trigger the due on sale clause in your mortgage. You have to get permission from the lender or they could call your loan due and payable immediately.

Fr_Chuck

yes, you can not just take mom's name off the deed, without the mortage companys permission or buying out her share of the home.

So it is not just a refi, ( a refi would include mom) so this will be a new loan and really a buyout of mom ( even if no money changes hands) and there is a new closing with a new deed.

Also if this is done to get it off of mom's credit for some reason, and her share is not really bought out, but given, if there is a reson ( like she owes money to someone) they may try and still claim property as a fraud sale to hide property.

So the reason this needs to be changed is important also, as to how it needs to be changed.