How Do I Put The Mortgage In My Wifes Name?
If I want to put the mortgage to my personal house in my wifes name for asset protection , how do I do that? Just sign a quit claim deed or is it more involved than that. Can this be done by ourselves or should we use an attorney?
Somewhat confusing post...if it's your house, you wouldn't have the mortgage.
The lender has the mortgage, and you have no control over it except to keep your payments current.
If it's a note by somebody else, secured by a mortgage on his/her property, then you can sell or assign that to anybody you choose, including your wife.
JohnMerchant,
I was confused as well. Maybe he's really asking if he can transfer title from himself and his wife just to his wife. If there's a mortgage on the property and he's on the mortgage, I would think the mortgagee will require him to remain in title.
McMadhouse5 and his wife are probably co-borrowers on a loan secured by a mortgage to their house.
Perhaps the question is how does McMadhouse5 remove his name from the promissory note and leave his wife as sole mortgagor.
My answer would be to refinance the property. Have his wife become the sole borrower, and transfer title to his wife so she is the sole owner.
Well, whatever he meant, there's no way the lender is going to let any of the debtors walk, short of refi of whole note.
A debtor certainly can't just "remove" anybody's name from a note, and it always amazes me that anybody could even imagine otherwise.
If I have 2 debtors on a note to me, why should I release either of them?
Go figure.
Quote:
On 2004-04-29 21:42, McMadhouse5 wrote:
If I want to put the mortgage to my personal house in my wifes name for asset protection , how do I do that? Just sign a quit claim deed or is it more involved than that. Can this be done by ourselves or should we use an attorney?
Dear Madhouse
Just execute a Quit Claim Deed or whatever is approp in your fair state. Record the document and have your wife keep the original when they mail it back to you.
You will still be on the Mortgage and still responsible for the payment . But you are off the title. Simple, done all the time. But, dear friend with care.
Cheers Lucius 8-)
Hello, My name is Gene and I am a mortgage banker.
The answer to your question has been answered correctly. The only way you can Put your wife on the mortgage as the main borrower and remove yourself is by refinancing your home. Of course you can still remain on the title which will not effect your financial situation.
***Home owners**** If you are doing purchasing for your future investments at the current time, MY advice to you is to hurry up because the mortgage rates are on the rise.
Just a useful hint. [ Edited by JohnMerchant on Date 04/30/2004 ]
Sorry if my post was confusing. I think Lufos understood it best. I was trying to take my name off the title in case of legal action against me in the future.
Place the deed into a Land Trust. Then setup a LLC as the benificial interest. This way in the case of a charging order on the LLC you are not liable and you can usually run off the one who got the charge against you.
Best to you
Sire