Actually own it? Or there’s a mortgage? I’m guessing a mortgage and she needs to be off as she’s overextended to borrow for her own home. That’s it isn’t it? Thats what Fawnby was getting at also.
Couple of issues here…. And quite frankly I think the two of you should find a real estate attorney to discuss the pitfalls in this plan and the do whatever documents needed should the two of you go through with this idea. So that being said: 1. What is the status regarding any “securitization” on the home? - Is it 100% owed outright and has all the paperwork been recorded at the courthouse to reflect that? So title reads each of your names? Especially has a “Release of Deed of Trust” been sent to you or her from old mortgage holder and that document recorded at the courthouse? If this is it, then you can get the real estate attorney to draw up the paperwork to transfer the property and have it recorded with fresh title to reflect just your ownership.
Personally I would NOT do a Quit Claim Deed type of document but do it as a Warranty Deed. Warranty Deed guarantees ownership with clear title while QCD do not. QCD convey what the individual considers to be their property. Sometimes when you go to sell a QCD property, mortgage companies will be hesitant to do lending on a property that is a QCD and will want an extra item done to ensure that the title is clear and that extra step is a Quiet Title action. That morphs into somewhere between 2-4 or 6 months to get the Quiet done and that extra time tends to kill the deal. Plus it has costs. OR - Is there still a mortgage? If there is still a mortgage, you need to find your paperwork because most of the time in order to get 1 of the 2 borrowers off of a mortgage - unless a divorce action - that mortgage is going to need to be “called in” and a fresh mortgage done for the balance. You cannot just go on you own to the courthouse and take her off the mortgage. There could be an issue on doing this, if you on your own cannot qualify for the fresh mortgage; or that the rate of the old mortgage is really sweet and the new one will not be quite a good; or that your up in age so cannot be put on a standard 30 yr mortgage but instead only a 10 yr conventional so payments lots higher.
Really if there still is a mortgage, find that mortgage agreement to see just what is required to change / remove a borrower and if it is at all feasible.
2. so your daughter is going to “gift” her % ownership of the house to you? Totally gift it to you for free. Or are you going to “buy” her 50%? How were you determining that? If you possibly could be needing long term care Medicaid before 2029, paying her too much $ for that house could be an issue for your LTC Medicaid eligibility. I’d let the attorney figure out fair market value to pay her and do the paperwork so no Medicaid worries for the future,
Couple of issues here…. And quite frankly I think the two of you should find a real estate attorney to discuss the pitfalls in this plan and the do whatever documents needed should the two of you go through with this idea. So that being said:
1. What is the status regarding any “securitization” on the home?
- Is it 100% owed outright and has all the paperwork been recorded at the courthouse to reflect that? So title reads each of your names? Especially has a “Release of Deed of Trust” been sent to you or her from old mortgage holder and that document recorded at the courthouse? If this is it, then you can get the real estate attorney to draw up the paperwork to transfer the property and have it recorded with fresh title to reflect just your ownership.
Personally I would NOT do a Quit Claim Deed type of document but do it as a Warranty Deed. Warranty Deed guarantees ownership with clear title while QCD do not. QCD convey what the individual considers to be their property. Sometimes when you go to sell a QCD property, mortgage companies will be hesitant to do lending on a property that is a QCD and will want an extra item done to ensure that the title is clear and that extra step is a Quiet Title action. That morphs into somewhere between 2-4 or 6 months to get the Quiet done and that extra time tends to kill the deal. Plus it has costs.
OR
- Is there still a mortgage? If there is still a mortgage, you need to find your paperwork because most of the time in order to get 1 of the 2 borrowers off of a mortgage - unless a divorce action - that mortgage is going to need to be “called in” and a fresh mortgage done for the balance. You cannot just go on you own to the courthouse and take her off the mortgage. There could be an issue on doing this, if you on your own cannot qualify for the fresh mortgage; or that the rate of the old mortgage is really sweet and the new one will not be quite a good; or that your up in age so cannot be put on a standard 30 yr mortgage but instead only a 10 yr conventional so payments lots higher.
Really if there still is a mortgage, find that mortgage agreement to see just what is required to change / remove a borrower and if it is at all feasible.
2. so your daughter is going to “gift” her % ownership of the house to you? Totally gift it to you for free.
Or
are you going to “buy” her 50%? How were you determining that?
If you possibly could be needing long term care Medicaid before 2029, paying her too much $ for that house could be an issue for your LTC Medicaid eligibility. I’d let the attorney figure out fair market value to pay her and do the paperwork so no Medicaid worries for the future,