Transferring Ownership - Posted by Ally

Real Estate Investing Real Estate Law
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Posted by Ally on November 15, 2006 at 13:04:22:

Well, thanks a lot for your help. Finally I found someone to answer my question.

Ally

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Transferring Ownership - Posted by Ally

Posted by Ally on November 15, 2006 at 10:02:05:

I’m married and I’m the sole owner of my home. I think my husband might be on the mortgage along with me though. They just never put his name on the title. I really don’t want the house under my name anymore. I was wondering if I’m able to transfer home ownership to him and remove myself from the title and the loan. He’s the one that really wanted to buy a house. I don’t want the house so is there anything I can do besides selling it.

Thanks.

Ally

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NOTE: You can’t remove yourself from loan - Posted by John Merchant

Posted by John Merchant on November 15, 2006 at 12:15:14:

On no loan to you can YOU just delete your name.

Think about this and you’ll never forget it:

If you loaned your good and highly credit-worthy friend Jane Doe $100,000, how would you like it if she called you one day and told you that she had decided to remove herself from that promissory note, and now her no-good boy friend “Suds” was going to be making the payments?

Same idea re your just taking your name off anybody else’s note…they’re not going to like it either as they made the loan to YOU and they’re not going to release you until that loan is paid in full.

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Re: NOTE: You can’t remove yourself from loan - Posted by Ally

Posted by Ally on November 15, 2006 at 12:35:59:

Ok, so my only option is to sell the house. This is probably a dumb question. Can I sell the house to my husband? The bottom line is, I want to divorce him and I want to give him the house since he wants it.

Thanks for your reply.

Ally

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Re: NOTE: You can’t remove yourself from loan - Posted by John Merchant

Posted by John Merchant on November 15, 2006 at 12:45:38:

Yes, you could deed the house to your Ex H but just understand and know that’s it’s still your credit that’s being impacted if he can’t or won’t make the payments.

So my preference would be to have him go get new loan and let you pay off your lender.

Or sell to him on a RE contract and YOU stay on the title so as to have a little tighter control to make sure the payments are made as you’ve agreed.

I suspect in most states it’s simpler, cheaper and quicker to take the house back if sold on a REC rather than with Deed.

A lawyer or escrow co. could write up a REC for you that favors your rights.