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quit claim?

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sniz305

Junior Member
What is the name of your state (only U.S. law)? Florida

Okay My fiance and I purchased a house solely in her name, we are now married and how do i get it in both our names beside refinancing the mortgage, what are my options?

I have heard of a quitclaim but is there anything else we can do?

thanks
 


JETX

Senior Member
Okay My fiance and I purchased a house solely in her name, we are now married and how do i get it in both our names beside refinancing the mortgage, what are my options?
Since the property is solely in HER name... YOU have NO options.

She can contact a local attorney and draft a document giving you half of her ownership... but since there is a mortgage on the property, that 'give away' could be prohibited or trigger an acceleration clause.
 

FlyingRon

Senior Member
She can contact a local attorney and draft a document giving you half of her ownership... but since there is a mortgage on the property, that 'give away' could be prohibited or trigger an acceleration clause.
Nonsense. Federal law preempts any due-on-sale as a result of a spouse or child becoming an owner of the property.
 

nextwife

Senior Member
Contact your lender and get written authorization. No default department these days has time or interest in pursuing such a non financial default. They are buried under an avalanche of walk-aways, short sales, work outs, foreclosures, etc.
 

FlyingRon

Senior Member
NONSENSE!!!
What you think is correct only applies on an inheritance.
Sorry JETX, but you are INCORRECT.

The death of the borrower clause allows outright transfer to *ANY* relative.
The spouse/child of the borrower can be added as an owner at any time.

Note the difference between (5) and (6).

With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—
(1) the creation of a lien or other encumbrance subordinate to the lender’s security instrument which does not relate to a transfer of rights of occupancy in the property;
(2) the creation of a purchase money security interest for household appliances;
(3) a transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;
(4) the granting of a leasehold interest of three years or less not containing an option to purchase;
(5) a transfer to a relative resulting from the death of a borrower;
(6) a transfer where the spouse or children of the borrower become an owner of the property;
(7) a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property;
(8) a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property; or
(9) any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.​
 

latigo

Senior Member
Title 12 United States Code Section 1701-j-3

***

“(d) Exemption of specified transfers or dispositions

With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—

* * *

(6) a transfer where the spouse or children of the borrower become an owner of the property; “
 

JETX

Senior Member
Wow... it is truly incredible how supposedly 'knowledgeable' people still don't understand what a 'due on sale' clause is.
It has NOTHING to do with a spouse wanting to put his/her name on a title.
 

FlyingRon

Senior Member
Wow... it is truly incredible how supposedly 'knowledgeable' people still don't understand what a 'due on sale' clause is.
It has NOTHING to do with a spouse wanting to put his/her name on a title.
i understand it just fine. It was you who through the incorrect statement about adding the spouse triggering an acceleration clause.
 

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