Cut name in the Mortgage Deed

Aug 6th, 2022
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How to cut name in the Mortgage Deed

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hi this is Paula Waterman with Castle Rock mediation and this is Chris Waterman the Denver mortgage guy today we want to talk to you about what is the diff ing somebody from Thai those are two different things yeah we get this question a lot especially because we have a divorce Services business and when people are getting a divorce one person may want to keep the house and the other person is going to leave the marital property and when you do that you got to take them off the mortgage and off the title or the deed to the house so how do you do that I know a lot of people have heard the term quit claim deed right oh I just do a quick claim deed and itll all be done in one fall swoop no it doesnt work that way a quick claim deed only removes somebody from the title the property doesnt remove them from the mortgage theyre two separate things so title basically means whos the owner of the property right when you say Im on title that basically means you own the property just like wh

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If you talk to the mortgage company and present them with your divorce decree and a quitclaim deed, many lenders will remove you and leave the loan in your exs name only. This is true for many lenders, including loans underwritten by government organizations. This is known as a release.
So, in short, you can remove someone from a deed if all parties agree, or if its been legally mandated, without refinancing your mortgage or selling your home.
The two documents that are recorded in the county the Deed and the Mortgage must match exactly. Both Jane and Johns names would be included on both of these documents. The Note, however, may be different, and acceptable for the lender to only require Janes name and signature.
If you have a joint mortgage with a partner, each person owns an equal share of the property. This means that if you split up, you each have the right to remain living there. It also means youre equally responsible for the mortgage repayments.
The process of removing yourself or someone else from a joint mortgage is relatively simple and straightforwardas long as everyone is in agreement and wants the same result.
The short answer is yes a joint mortgage can be transferred to one person, providing your lender agrees to it. This is known as a transfer of equity and is a fairly common occurrence.
And you do that by filing what is known as a quitclaim deed. A quitclaim deed is a document that publicly removes a persons claim to a property. The quitclaim deed transfers ownership and financial responsibility to the party who remains in the home.

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