Posted on: 09th Apr, 2009 04:40 pm
Hi everyone,
My question is my husband and I are purchasing a home and since my credit is not the greatest he will be applying for the loan on his own and qualified already. He wants me to sign a quitclaim so that the title will be only in his name he says that is the only way the bank will loan him the money without me on the loan. i live in California if I was to get a divorce would I still have rights to the property? And if not how would I go about having some say in the property after all it has cost me too.
My question is my husband and I are purchasing a home and since my credit is not the greatest he will be applying for the loan on his own and qualified already. He wants me to sign a quitclaim so that the title will be only in his name he says that is the only way the bank will loan him the money without me on the loan. i live in California if I was to get a divorce would I still have rights to the property? And if not how would I go about having some say in the property after all it has cost me too.
Hi L0$T!
Welcome to forums!
If you sign a quitclaim deed and transfer the property to your husband, you will not have any rights to the property. It will become your husband's separate property. In that case, I don't think you'll be able to claim the property later on.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you sign a quitclaim deed and transfer the property to your husband, you will not have any rights to the property. It will become your husband's separate property. In that case, I don't think you'll be able to claim the property later on.
Feel free to ask if you have further queries.
Sussane
Even if we live in a community property state? I was under the impression that even though I signed the quitclaim I would still have rights to the property since we are married. Just like the bills etc.
Is there another way to make sure I am part of the property even if he has me sign a quitclaim? What other recourse do I have? If I dont sign we dont get the property if I do then i get a kick in the can. I have 2 kids and hate to have anything happen and end up on the street.
Welcome back LO$T,
Yes, as far as I know, even in a community property state if you quitclaim the property, it will be considered your spouse's separate property.
You haven't mentioned your present credit score. I would suggest you to improve your credit score first. Then both of you will be able to purchase the property jointly. To know more about improving credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Hope this helps you.
Yes, as far as I know, even in a community property state if you quitclaim the property, it will be considered your spouse's separate property.
You haven't mentioned your present credit score. I would suggest you to improve your credit score first. Then both of you will be able to purchase the property jointly. To know more about improving credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Hope this helps you.
Thank you, for your time my credit score is in between 730 - 750. Oh and lets say I don't sign the quitclaim would they have to start the whole process over again? And if I want to be on the deed what do they need from me? Do they need to run my credit again. Right now the proper ty is in the beginning of Escrow and they had asked for my social security number whether I had filed bankruptcy, etc. What do they need all that information for will they be running another credit report? I know that we have a living will where if anything happens the property goes to me.
Hi LO$T!
Welcome back to the forums!
You have mentioned that your credit score is between 730-750. That is a good score. With this credit score, you can qualify for both conventional and FHA loans.
Yes, if you do not sign the quitclaim deed, then they will have to start the whole process again and approve you to get a loan. Yes, they need all the information in order to check your credit report again.
Feel free to ask if you have further queries.
Sussane
Welcome back to the forums!
You have mentioned that your credit score is between 730-750. That is a good score. With this credit score, you can qualify for both conventional and FHA loans.
Yes, if you do not sign the quitclaim deed, then they will have to start the whole process again and approve you to get a loan. Yes, they need all the information in order to check your credit report again.
Feel free to ask if you have further queries.
Sussane
Thanks all for your answers and clarifying for me. I am totally out to of the dark now.
let me ask this last question why would the escrow company ask for my social if supposedlly my husband is the only one purchasing? Do they need to run another credit report even if I am not on the deed or loan? Just curious.
let me ask this last question why would the escrow company ask for my social if supposedlly my husband is the only one purchasing? Do they need to run another credit report even if I am not on the deed or loan? Just curious.
Hi LO$T,
If your husband is the only one on the mortgage deed, then the lender and the escrow company should ask for his social security number only and not yours. It would be better if you could have a word with the escrow company and request them to clarify why they require your social security number.
Thanks
If your husband is the only one on the mortgage deed, then the lender and the escrow company should ask for his social security number only and not yours. It would be better if you could have a word with the escrow company and request them to clarify why they require your social security number.
Thanks