Can i take my and my wifes name off the title of my mothers house but still have our names on the loan?

Billye
My mother bought a house, but she needed our credit to qualify for the loan. To keep the matters simple, we'd like to take our names off the title. We live in the house with her as renters. Or do we need to refinance the loan altogether if we want to take our names off?

Emogene
I'm not sure what you are trying to accomplish. If you QC the house to her, you will still have all the responsibility but no control. That is not a position I'd want to be in.The other pitfall: taking your name off the property may cause the mortgage to come due immediately (in full). You don't say how long you have owned the house, but I doubt she would be able to refinance it without the strength of your credit and earning power.

Delicia
Lets get this right. Your mother bought a house, you and your wife guarantied the loan.If the bank will discharge you and wife from the loan that's all you need. However, this is not going to happen without the loan balance being reduced to their satisfaction.If your mother could not get the loan originally how is she going to get a loan now? You didn't say how old the loan is, the older the better.Sorry to say you are on the hook for the long run.

Beata
I don't know why you would want to take your names off the deed if you are on the loan, but of course you can quit claim the property to her. You just need someone to prepare the deed(s).Good luck.

Freddie
You can take your names off title anytime but you can't take your names (or obligation) off the loan until it's paid off or refinanced.

Ileana
You may take your name off the title any time you want. If this is what you want to do simply contact a local title company and tell them you want to remove your name from your mother's property. they will set up an appointment for you to do this.One or all can go at the same time. Once all have signed the appropriate deeds, the title company will then properly record then at the county recorder's office where the property is located.There is a minimum fee for them doing this, but it will not break your bank. When you get them on the telephone you might inquire as to the charge for this service.Please go through a title company to transfer the property to your mother as this could solve possible legal problems in the future.Please do not use a quit claim deed to do this service without the benefit of a title company, even though this is legal and will accomplish the same thing. There might be a legal problem that arise in the future. A title company is a much better choice.Now if you want to remove your names from the mortgage, your mother will have to refinance the property and qualify for a new mortgage. If your mother has been making the mortgage payments direct to the lender herself from her own personal banking account, she might be able to qualify with just a mortgage refinance only. That is she only need to prove that she has been making he monthly mortgage payment. She also would not be able to take any cash out on the refinance. No other qualification would be required.For this or other refinance you should contact a local mortgage broker or banker. Ask if he has a program for mortgage on refinance. If he/she does not know what you are speaking of I would contact another mortgage broker.I hope this has been of some use to you, good luck."FIGHT ON"