Answers
I recently refinanced with another company and the original company charged me a $500 fee. It is clearly stated that they can in my contract, but I still question the legality of that.
You need to look at the paperwork that you signed, if indeed as you have stated there is an early closure fee, then there will be one for sure. Banks have a way of wording fees to get around any state laws that may exist. However, with most mortgage transactions, there will be some sort of fees associated with the closing of accounts.
Looking to pay of credit cards and other loans, consolidate holiday bills, or have the comfort of access to ready funds to pay for any major ...
Currently both myself and my daughter is on the deed to our home in New Jersey. I have a Home Equity Line of Credit in my name but would like to remove my name from the deed. Can I file a Quit Claim Deed, but continue to pay the line of credit?
You can remove your name from the TITLE to the property (ie. file a quick claim deed) and continue to the pay the mortgage. No problem. You can do this for about $75 through a real estate attorney. You cannot remove your name from the MORTGAGE without refinancing the home, however. (A *few* lenders do allow exceptions to this but would require your daughter to be able to qualify for the Home Equity Line herself). Keep in mind that in most situations (ie. non-family) it is not necessarily wise to disassociate from the asset (the title) but still remain tied to the liability (the mortgage). Obviously this should not be a problem if your relationship with your daughter is one of trust. Hope this helps.
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