[quote=SDisGreat]I am having financial difficulties and was wondering if I can take my name off title and put my son on title….
I still have a loan in my name w/ BofA previously countrywide.
Please advise?????????????????????[/quote]
In answer to the original question:
You can quitclaim the title.
However, that is almost certainly a violation of the terms of your mortgage.
More importantly, it will not remove you from the loan.
Just from the title.
When you borrowed, you made a contract with the bank.
That contract does not change unless they (and you) say it does.
And they won’t.
The only way out of that contract:
-pay off the debt
(which is actually fulfilling the contract)
-foreclose
(which is also actually fulfilling a different part of the contract)
-short sale
(which is the bank allowing you out for partial payment)
-loan mod
(which is them allowing some changes to the terms of the contract)
-bankruptcy
(which is the government allowing you out of a contract)
A common time I see this is when I handle short sales for people who have divorced.
They usually come back to me and say “but Harry is in charge of the Clairemont mortgage”.
Then I say: “That is between you and him and the judge. The bank still has a contract with you.”
Remember:
Its historically not a bad bet to get a mortgage. BUT: its freaking contract for 30 years so don’t take it lightly.
