What should I do regarding removing my name from the deed to my house?

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What should I do regarding removing my name from the deed to my house?

My ex-husband wants to take my name off our marital home. We did not have a divorce settlement; I chose to leave the home and not fight for my 50% share. There’s still 6 months owed on the mortgage. He wants to take my and his

names off the deed and put the deed in my son’s name. Is this even legal? I’m very hesitant to take my ex’s word that it is.

Asked on September 29, 2018 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If there was no mortgage, this would be legal and straightforward: you and he could quit claim the deed to your son. There might be tax consequences, since he would be being gifted a large and valuable asset, and so you should consult with an accountant before doing this, but assuming it worked for all of you, with no mortgage, you could clearly do this.
However, you write that there is a mortgage. Mortgages must be paid off no later than the moment that the property is transferred--it comes due in full when you transfer it, and you cannot elminate the security interest by transferring it to another (if you could, everyone would do this to get out from under their mortgage), and so unless the remaining balance were then paid in full, the bank could foreclose and take the house. Pay off the mortgage--there can't be that much left, if there are only 6 months left on it--then transfert the home.


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