Home Selling in Cherry Hill>Question Details

Angiez, Home Owner in Twin Falls, ID

Is there a way to get my name off a deed to a house that i bought with my parents?

Asked by Angiez, Twin Falls, ID Mon May 14, 2012

I bought the house with both my parents over 4 yrs ago. I have been the only one who has paid on the house. They decided not to help out with their part. I am ready to move out of the area but they won't allow me to sell the house. Is there a way to just sign the house over to them and not be responsible for it? The original owner financed us, it's not through a mortgage company.

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Yes you can. You need to get a Quick Claim Deed where you deed the property to your parent. You also must register the new deed. But if your name is on the mortgage and note, you are still responsible for the payments. If this is the case I suggest you seek legal advise from an attorney.
1 vote Thank Flag Link Tue May 15, 2012
No you have to ask your parent's to refinance on theire names only, But they have to qualify for it thats the only way you will be out of the loan. Or sell it because if you sign the house to them you will be responsable for the loan.

if you in California I can help you 562-415-5734
0 votes Thank Flag Link Sun May 27, 2012

We don't change deeds - we make new ones. The advisory for you to draw up a Quit Claim Deed and deed your interest in the property to your parents does have the effect of transferring your ownership of the property to them, and is a good use of a Quit Claim Deed. The part where you are a mortgagee, the Quit Claim Deed doesn't help you - it basically relieves you of any ownership privilege while maintaining your debtor's obligation. A better solution may be to have your parents Quit Claim their interest to you.
0 votes Thank Flag Link Sat May 26, 2012
Normally a great time to do this is when you are also doing a re-fi. The mortgage lender can help you with all that as well.
0 votes Thank Flag Link Sat May 26, 2012
You really should consult with an attorney to find out your options. Since you mutually agreed to own it and be financially responsible for paying it together I think you would all have to be mutually in agreement to change the ownership and financial responsibility solely to their name as well. You can't just take your name off because you don't want to continue to pay for it without the consent of the person holding the loan as well..
0 votes Thank Flag Link Tue May 15, 2012
The owner who financed the note has to let you out of the note. Not likely but worth a try!

If you are not on the original mortgage and you are just on the deed then it is just a quit claim deed.

But read your contract or the mortgage note... See "Mortgage assigns" You may be able to assign the mortgage note to yor parents or anyone. since it was a private note. It will depend how it was written. Assignment does not take you completely from the orig loan. But the legal matter between you and your parents could dismiss you from obligations. You should have an attorney look at the papers to see how th note was written. The owner could let you off but not likely without some consideration, but you never know!

This is not intended to be legal advice and you should seek an attorney for legal advice before acting on any situation.

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0 votes Thank Flag Link Mon May 14, 2012
Hi Angie,
Is your name on the mortgage?
0 votes Thank Flag Link Mon May 14, 2012
Yes. Depends on who is on the mortgage. If there is no mortgage it is a pretty simple deed transfer that any attorney could do for you. If you are all on the mortgage, there is a product called a family refi that basically let's someone in the family refinance themselves off the loan. If you talk to an experience lender they should be able to help you with that.

Hope that helps.
0 votes Thank Flag Link Mon May 14, 2012
Hi Angie,

PLEASE NOTE: I am not an attorney. This is just my understanding of the facts. You should contact a real estate attorney if you are unsure of how to proceed. I can recommend 2 reputable real estate attorneys in the Cherry Hill area; just email me.

If you are all 3 on the mortgage, then the mortgage holder (original owner) must allow you to exit the mortgage. Contact him and ask. Your parents will have to show update financials proving that they can pay for it on their own. The deed has nothing to do with it.

R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Mon May 14, 2012
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