Transferring Ownership

[AngelLove]

I'm not sure if I'm posting this in the right area. 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

[Shaul Financial]

Consult a local trust company. Depending on the state in which you live, this is easily accomplished.

[AngelLove]

Thanks for the reply.

Ally

[TJ2007]

Guess this depends a lot on which state you are in and if the property is a primary residence or not.

You can't just 'take yourself off the mortgage'...

You may have signed the 'mortgage' just to acknowledge that there is a lien on the home...you need to check if you signed the 'Promissary Note'
which makes you responsible for payments

You can easily quit claim deed the property to another party, but they would likely need to refinance it in their own name to relieve you from responsibility of the debt.

I guess there are deeper reasons for your desire to do this so it is really a must for you to contact an attorney that can tell you if you are really protected by your course of action....

[Thesa]

TJ is so right - before you try and get your name off the title you really need to explore what your responsibiities will be and are. There are a lot of reason for one to want to transfer property - one thing that has come up more often lately is if someone is getting ready to file bankruptcy - transfering the title can actually cause you and the person you are transfering to a huge headache.... before doing anything contact the professional that can give you expert advice on your particular situtation.... it is better to have the knowledge prior to making a change than finding out latter you muddied the waters.

[Shaul Financial]

TJ is so right - before you try and get your name off the title you really need to explore what your responsibilities will be and are. There are a lot of reason for one to want to transfer property - one thing that has come up more often lately is if someone is getting ready to file bankruptcy - transferring the title can actually cause you and the person you are transferring to a huge headache.... before doing anything contact the professional that can give you expert advice on your particular situtation.... it is better to have the knowledge prior to making a change than finding out latter you muddied the waters.

Transferring property or other assets as a means to minimize exposure in either a lawsuit or bankruptcy is known as "unlawful conversion" and is easily discovered by opposing counsel or the court. Consult a professional and pay the price for lawful guidance