Is it possible to take me off Title, I m on the mortgage and still owe money

[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?????????????????????

[moneymaker]

Like a quit claim deed? Ok I’m selling my BofA stock,just kidding. Actually though I’m not. Bought it @ $6.30 @ the open and am going to sell it @ $6.61

[Coronita]

[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]

…And the purpose to do this would be???? ?

Sure, you could do it… The question is would it accomplish what you want to accomplish? If it’s what I think…no..

[Coronita]

SDIsGreat…
I have to ask… What the heck is going on in your life?

1. On this thread and here, you’re asking about quit-claiming.
http://piggington.com/quitclaiming_onto_title

2. On this thread back in mid Oct, you were asking about spending money to remove popcorn ceiling texture
http://piggington.com/popcorn_ceiling_removal_and_retexture

3. On this thread a few days back, you talked about a new construction defect in your home you bought a few years ago..
http://piggington.com/new_home_construction_defect

4. In this thread, you’re talking about getting a inspector for another home.
http://piggington.com/any_recommendations_on_a_home_inspector_for_my_purchase

5. Here you’re talking about a remodeling a MM home.
http://piggington.com/bathroom_remodeling_contractors

6. And back in May, you’re talking about being forclosed on…
http://piggington.com/foreclosure_and_when_should_i_be_ready_to_move_out

Utterly confused at what you are trying to accomplish..

[briansd1]

didn’t you buy recently?
http://piggington.com/any_recommendations_on_a_home_inspector_for_my_purchasetly?

And didn’t you lose a house to foreclosure recently also?
http://piggington.com/foreclosure_and_when_should_i_be_ready_to_move_out

[Coronita]

[quote=briansd1]didn’t you buy recently?
http://piggington.com/any_recommendations_on_a_home_inspector_for_my_purchasetly?

And didn’t you lose a house to foreclosure recently also?
http://piggington.com/foreclosure_and_when_should_i_be_ready_to_move_out%5B/quote%5D

Exactly…

[SD Realtor]

Flu aka sherlock holmes!

[urbanrealtor]

[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.

[sdduuuude]

[quote=SD Realtor]Flu aka sherlock holmes![/quote]

More like the Peter Sellers character in “Murder by Death”

http://www.imdb.com/media/rm2488712704/ch0018393

[Coronita]

[quote=sdduuuude][quote=SD Realtor]Flu aka sherlock holmes![/quote]

More like the Peter Sellers character in “Murder by Death”

http://www.imdb.com/media/rm2488712704/ch0018393%5B/quote%5D

Lol

[img_assist|nid=15555|desc=|link=node|align=left|width=150|height=134]

🙂

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