Hi there. I need to remove my name from the deeds of my house and replace them with a family member, the house is mortgaged. But I still want to pay the mortgage, such that if anyone comes asking for money, the house can not be touched, any body with any suggestions.

Well of course merely transferring proper to hide it from present creditors is called fraud,
If you do it before you are in that debt it is called good finicial management.

But if your name is on the mortgage, you will have to have someone do a refinanace or a new loan, pay off your old loan, taking your name off the mortgage and the deed.

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Originally Posted by zaheer1

Hi there. i need to remove my name from the deeds of my house and replace them with a family member, the house is mortgaged. but i still want to pay the mortgage, such that if anyone comes asking for money, the house can not be touched, any body with any suggestions.

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You can have your name removed and replaced by another. You jhave to pretend that you are selling your share for a very small amount of money. You then make an agreement with that person that if you pay the mortgage you will be entitled to a percentage of the property. You can transfer monmey into that persons account and ensure that the person then transfers the money to pay the mortgage. You must also ensure that any payment failures from you or the other person becomes joint responsibility.

Hello z:

The Padre is right.

The solutions posed by both you and jay are fraudulent. If they catch you (and I don't see why they wouldn't - your plan isn't especially unique), they'll put you in jail, AND the family member you enticed into your conspiracy.

You're better off just losing money.

excon

Also, if you transfer ownership of the property without the approval of the lender, you run the risk of triggering the Due on Sale clause which your mortgage certainly contains, unless it is very old.

I think it is called a "quit claim"... put that in Google and search it. The lady acrosss the street her boyfriend was dying from cancer, mortgage is in his name house was put in her name... he died she is paying of mortgage and the loan is still in his name. Hope this helps this is in ohio:)

OK so excon answer this what if he isn't having problems creditors... and such how can that be criminal? To give the house away and still pay for it... maybe a gift to his child etc

Lol excon your greenies always come with a but. Happy to receive them though

Hello again, bushg:

But he IS having trouble, and he indicated as much.

If he wasn't and just wanted to make a gift, he could do it through a will or a trust. But, if he just quit claimed his interest, the bank is going to stop it. They'll do that, because he's the one they loaned the money to, not the other family member.

excon

excon... sometimes bush is slow to catch things... I reread after I had posted. So my neighbor, her dead boyfriend and their lawyer are committed a crime... eeks. The dead botfriend had excellent credit

Hello again, bush my friend:

Nooo, she's only risking the loan being called.

Your neighbor didn't change ownership to keep the property from being seized, or to keep liens from being placed upon it due to some illegal activity or in contemplation of a civil suit being filed.

But, that's why the poster wants to do this, and that's a criminal act.

excon

Gotcha excon. If someone will tell me how to post a thread I will ask a question about removing name from deed. DUH I DID IT TWICE AND CAN'T Remember HOW... sorry not screaming cpas locked

Hello again:

At the top of this page are three oblong boxes. Click on the middle one.

excon