Profile picture for user0751513

will quitclaiming affect refi with same mortgage co.

I quit claimed my house to my daughter seeing it will eventually go to her. my mortgage co. offered me a good deal on a refi ,will the quit claim affect that if i apply.
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December 12 2012 - US
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Profile picture for wetdawgs
While it may be too late,  the advantage of transferring the house to your daughter through a will or a trust is that (within limits) there are no tax implications to the inheritance.   When one gives a gift as you have done with the quite claim deed, there are likely to be tax implications.   The gift limit per year as per the IRS is $13,000 (last I checked, every few years they increase it).     With gifts larger than that amount, the giver (i.e. you in this situation) has to pay taxes on the gift.   Please talk with your accountant or phone the IRS to get more guidance.
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December 13 2012
Oh, boy.

So, you don't own the property, but you want to refinance it. I don't see that happening.

Plus, when you gave the property to your daughter, you triggered a potentially serious tax event for both of you.

Monday morning, talk to a tax attorney.

All the best,
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December 13 2012
You need to consult an attorney. Ask him or her about your daughter quit claiming the deed back to you. The quit claim deed you gave her (some states don't recognized quit claim deeds) may not have been recorded so legal transfer of property likely has not occured. You need an attorney to advise you on transfering property to daughter. It could cause lender to enforce a due on sale clause that is likely part of your current Deed of Trust note that you signed when loan was obtained.
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December 12 2012
Yes it will effect the process as you don't own the property anymore. The bank is making the offer on the assumption you are still the owner. You may want to consult an attorney if you transferred title without the banks consent as you may have violated the terms of your mortgage.
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December 12 2012
 
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