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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3675
Experience:  Experienced real estate lawyer and real estate broker.
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I thought about our conversation and I actually want to

Customer Question

Hi, I thought about our conversation and I actually want to know more about the option of a quitclaim. Would that be possible to change the ownership certificate's name currently on my name to my son without having to pay off the mortgage loan? I can't
see how it is possible when (years ago before I got the judgement against me,) the board of the Coop Corporation refused to do so unless I'd pay the mortgage off. Then the coop will issue the ownership to my son's. So, how can I give up my ownership's interest
on the Unit (change the name on the shareholder ownership title) if it is issued by the board? I frankly don't understand how it works.. Would you help me to see clearly what should be done if it's possible. Thank you so much. Waiting eagerly for answers.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 2 years ago.
Actually it's not the coop association but the bank that made the mortgage loan that would have to approve the change in title of your property. That is because the bank has a security interest in the property. The property is the security or collateral for repayment of the mortgage. Therefore, if the bank OKs the change, then the coop association really has no say in the matter. The bank is where you would start, and if your son is approved by them, then the coop has no say but must accept him as owner on title.
Good luck to you. I wish you all the best.

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