Legal Question in Real Estate Law in Maryland
home title change
My mother wishes to have her name removed from the title of our home, however she is listed on our mortgage. Is the only way to do this is to refinance our mortgage?
Asked on 2/18/09, 12:05 pm
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: home title change
No. You can retitle the property, but she will remain liable on the mortgage. However, as long as the payments are made, the mortgage company won't get involved.
However, be aware that her removal of name will be considered a gift and may subject you to gift tax. In addition, when you sell the house, your capital gain for tax purposes will be higher than if she holds it until death.
Answered on 2/18/09, 4:40 pm
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