Posted on: 03rd May, 2007 05:15 am
my husband and i are about to close on a second mortgage. in the paperwork, the mortgage company has included a quit claim deed. is this normal? i\'m agreeing to a lien on my house, i\'m not transferring ownership.
Welcome Kjunderwood.
This is not what usually happens while taking out a second loan. What is the company saying about the quitclaim deed? And, what is stated on the deed?
I don't think it should be included as there is no transfer of ownership.
Thanks.
This is not what usually happens while taking out a second loan. What is the company saying about the quitclaim deed? And, what is stated on the deed?
I don't think it should be included as there is no transfer of ownership.
Thanks.
I spoke with a lawyer who advised that I talk to the title company. It seems that the title to our property was only in my husbands name and is being retitled in both our names. This doesn't have anything to do with the 2nd mortgage. Thanks for responding.
"My husband and I are about to close on a second mortgage."
As both of you now would be taking the loan, and the house was in your husband's name it will be necessary to include you on the title. This is the reason why a quit claim deed is included with the paperwork.
Miller
As both of you now would be taking the loan, and the house was in your husband's name it will be necessary to include you on the title. This is the reason why a quit claim deed is included with the paperwork.
Miller
Hi Kjunderwood,
Welcome to Mortgagefit discussion board.
"I spoke with a lawyer who advised that I talk to the title company. It seems that the title to our property was only in my husbands name and is being retitled in both our names. This doesn't have anything to do with the 2nd mortgage. Thanks for responding."
The lender requires that both of you should have your names on the title of the house before the 2nd mortgage is given.
And as you have said that the house is only in your husband's name, quit claim deed will be used to include you as one of the owners of the house.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
"I spoke with a lawyer who advised that I talk to the title company. It seems that the title to our property was only in my husbands name and is being retitled in both our names. This doesn't have anything to do with the 2nd mortgage. Thanks for responding."
The lender requires that both of you should have your names on the title of the house before the 2nd mortgage is given.
And as you have said that the house is only in your husband's name, quit claim deed will be used to include you as one of the owners of the house.
Do let me know if you have any other questions.
Thanks
Blue