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About Joe Almirantearena
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I can provide all the mortgage information you need to make an informed decision about obtaining a mortgage in California.

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I've been working in the Mortgage industry for ten years, helping people throughout California, with all types of credit, employment, and rental histories, secure home financing for purchase and refinance. I have dedicated my website to provide FREE mortgage and real estate information to California residents. Visit http://www.findmyloanonline.com
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California Department of Real Estate

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Quit claiming part of ownership without having to refinance

Real Estate Home Mortgages - Quit claiming part of ownership without having to refinance

Expert: Joe Almirantearena - 10/30/2009

Question
Dear Joe,

I own a single family home in Los Angeles, CA. It is heavily mortgaged. I want to quit-claim 50$ of the ownership and put another person on title with me.

Will the lender demand that we refinance and call the current loan due if I do this? Or can this person take title without us involving the banks at all?

Very grateful for your advice.

Answer

California Home Loans

Hi Corinna,
The lender will not demand anything. You can add this person to title, if you wish. Keep in mind that there are legal consequences to adding someone to title, and you should consult with a legal professional prior to doing it. Do not rely on a mortgage or real estate professional's advice on this. Do your due diligence before doing it. Good Luck!

For FREE California mortgage information, please visit http://www.findmyloanonline.com

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here