My question involves real estate located in the State of: Utah
Am I okay removing my co-signer from the house deed without my mortgage company knowing?
The co-signer would stay on for the mortgage loan; his name would simply be removed from the deed.
Here's the deal: My wife and I bought our home 3 1/2 years ago. I don't make much (teacher), so our lender wanted a co-signer on the mortgage. Completely understandable. My retired step-father was willing to do it. The lender then requested that his name be on the deed as well (after first telling us there was no need for this). Reluctantly, we both agreed.
We'd both like to remove his name from the deed, as he is elderly and could pass away. I don't want to have to deal with probate court. We have a quit-claim ready and notarized, but I'm a little hesitant to submit it. I know there is typically a clause where they can request full payment if a name has been removed from the deed. However, I've been told by a professional at Chase bank that this is exceptionally rare and it would be fine to go ahead and do it. I wanted a second opinion, though, as this is my family's home we're talking about.
I've tried to contact my lender multiple times about this, and it's been a complete nightmare. Customer service doesn't know the answer, so they transfer me to a different department, who then transfers me back to customer service. I'm sick of dealing with them, and just want to get it over with. Again, he would stay on as co-signer; he'd just be removed from the deed.
I appreciate any advice you could give me.
Am I okay removing my co-signer from the house deed without my mortgage company knowing?
The co-signer would stay on for the mortgage loan; his name would simply be removed from the deed.
Here's the deal: My wife and I bought our home 3 1/2 years ago. I don't make much (teacher), so our lender wanted a co-signer on the mortgage. Completely understandable. My retired step-father was willing to do it. The lender then requested that his name be on the deed as well (after first telling us there was no need for this). Reluctantly, we both agreed.
We'd both like to remove his name from the deed, as he is elderly and could pass away. I don't want to have to deal with probate court. We have a quit-claim ready and notarized, but I'm a little hesitant to submit it. I know there is typically a clause where they can request full payment if a name has been removed from the deed. However, I've been told by a professional at Chase bank that this is exceptionally rare and it would be fine to go ahead and do it. I wanted a second opinion, though, as this is my family's home we're talking about.
I've tried to contact my lender multiple times about this, and it's been a complete nightmare. Customer service doesn't know the answer, so they transfer me to a different department, who then transfers me back to customer service. I'm sick of dealing with them, and just want to get it over with. Again, he would stay on as co-signer; he'd just be removed from the deed.
I appreciate any advice you could give me.
Deeds - Quitclaim: Will There Be Trouble After Removing Co-Signer from Deed
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