Posted on: 07th Jun, 2010 01:48 pm
i cosigned for my brother and his wife so they can buy a house. can filing a quit claim release me of any financial responsibility in the loan and any interest in the property? they say i can quit claim when they refinance, is this true?
thanking you in advance.
elmer
thanking you in advance.
elmer
hi elmerfaculo!
welcome to forums!
a quit claim deed will remove your name from the property title, but it will not release you from the financial responsibilities unless your brother and his wife refinances the loan in their names. once they refinance the loan, you won't be liable for the loan any longer. you can sign the quit claim deed at time of closing of the refinance.
feel free to ask if you've further queries.
sussane
welcome to forums!
a quit claim deed will remove your name from the property title, but it will not release you from the financial responsibilities unless your brother and his wife refinances the loan in their names. once they refinance the loan, you won't be liable for the loan any longer. you can sign the quit claim deed at time of closing of the refinance.
feel free to ask if you've further queries.
sussane
I co signed for my brother and wife to buy a house. How soon can they refinance so I can quit claim. Is there a required number of months or years before they are allowed to refinance, granting the time is okay to refinance?
Hi elmer,
After the loan is originated, your brother and his wife will have to wait for about 1 year in order to refinance the loan. While they refinance the loan, you can sign the quit claim deed and transfer the property to them.
Thanks
After the loan is originated, your brother and his wife will have to wait for about 1 year in order to refinance the loan. While they refinance the loan, you can sign the quit claim deed and transfer the property to them.
Thanks
Quit claim will remove you from title but, to be removed from your financial responsibility of paying back that note, you will have to refinance.
Hi,
By signing a quitclaim deed you can remove yourself from the property deed but will still remain responsible for the loans. Your brother and his wife have to wait for 1 year to re-finance, after the loan is originated.
By signing a quitclaim deed you can remove yourself from the property deed but will still remain responsible for the loans. Your brother and his wife have to wait for 1 year to re-finance, after the loan is originated.