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    llpyles1950's Avatar
    llpyles1950 Posts: 1, Reputation: 1
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    #1

    May 13, 2007, 02:16 PM
    Taking name of a mortgage
    Is there a way of taking a name of the mortgage. I have done a quick clam deed.My credit is not great and the interest rate would be more than I can afford.
    NowWhat's Avatar
    NowWhat Posts: 1,634, Reputation: 264
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    #2

    May 13, 2007, 02:21 PM
    I would say you could try to assume the current mortgage. However, they typically do a credit check and all - some sort of approval.
    AW805's Avatar
    AW805 Posts: 283, Reputation: 43
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    #3

    May 13, 2007, 04:37 PM
    Quote Originally Posted by llpyles1950
    Is there a way of taking a name of the mortgage. I have done a quick clam deed.My credit is not great and the interest rate would be more than I can afford.
    I don't understand what you are asking. Do you want to know if you can take your name off the mortgage? Can you be more specific on what you are trying to do?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    May 13, 2007, 05:03 PM
    First what are you doing, who are you doing a quick claim deed to, if you are selling a home, then the mortgage is paid off when you sell the home.

    You normally cann't just quick claim a deed over ( other than a divorce) without having the mortgage company agree to it.

    And normally you get your name off the mortgage by paying it off. If someone else is buying your share of the home, they get a new mortgage and pay this one off.
    NowWhat's Avatar
    NowWhat Posts: 1,634, Reputation: 264
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    #5

    May 13, 2007, 05:12 PM
    You don't normally have to get the mortgage holders okay to get a title deeded to you - however...
    It will be in breach of contract and the mortgage holder could call the loan. Which would mean that payment in full would be expected. So, that is a can of worms you do not want to open. Seeing that you have already done this - the mtg. co. will probably not be very happy when they find out if you try to assume someone else's loan.
    Home Retention Agency's Avatar
    Home Retention Agency Posts: 23, Reputation: 3
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    #6

    May 15, 2007, 05:19 PM
    Quote Originally Posted by llpyles1950
    Is there a way of taking a name of the mortgage. I have done a quick clam deed.My credit is not great and the interest rate would be more than I can afford.
    No lender will take a borrower's name off a mortgage, even in cases of divorce.

    The only way to get a name "off" a mortgage is to sell the property or refinance and pay off the existing note.
    davids2k7's Avatar
    davids2k7 Posts: 2, Reputation: 1
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    #7

    Oct 16, 2007, 11:08 AM
    Quote Originally Posted by llpyles1950
    Is there a way of taking a name of the mortgage. I have done a quick clam deed.My credit is not great and the interest rate would be more than I can afford.
    Not got an answer for u but see if u do get an answer would u be able to let me know as well please? Not done anything about it yet just waiting to hear all the options available to me. But if u know give me a quick text
    07825303184

    Thanks in advance
    David
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