How to get off mortgage

hi, seven years ago, my sister lost her job. she was going to loose her house as well, so i tranferred her house to my name. now, my husband is trying to refinance our own house, which does not have my name on the deed, through naca and the bank. bank of america is saying that they can not do anything for us because i have another house in my name. i explained what happened and they told me to get my name out of the other mortage. my sister's house was previosly in my brother's in law's name. can i use the quitclaim deed to tranfer the house back to my sister? please advise in any way because i am desperated. thank you

a quit claim deed will work out fine for transferring title to the home, but if you're on the mortgage, that's what bofa is worrying about. you'd have to have your sister and brother in law refinance at the same time that you do the transfer in order for bofa to have their concerns alleviated.

Thank you so much for your advise.

my husbands mother financed our home in her name,due to some tax problems we were expiercing. now we would like to get a home equity loan(we have paid for 11 years) instead of having to purchase the home. can she just sign a quickclaim deed to us. we would then pay off loan and use the rest to remodel the house?

Hi bella,

You can ask her to sign a quitclaim deed and transfer the property to you. Then you and your husband can refinance the mortgage in your name. Cash out refinancing will help you in paying off the existing mortgage. You can use the remaining funds to remodel your house.

Thanks

Indeed; that sounds like a reasonable solution to your situation.