Posted on: 07th Sep, 2010 04:17 pm
My wife and I live in her father's house. He has moved out of the country. The mortgage is in his name, but we have been paying it. A relative said we can have him quit claim the house to get my wifes name on it, but our credit is not very good and being able to finance the house is probably out of the question. Will a quit claim only add her name to the deed to where we can continue to pay the mortgage in his name? Thanks for any help.
hi mcveay,
a quit claim deed signed by your father-in-law will help your wife to add her name to the property deed. this will make her one of the owners of the property. however, after the change of ownership, there are chances that the lender would ask her to refinance the loan. if she has a bad credit, it won't be possible for her to refinance the loan.
thanks
a quit claim deed signed by your father-in-law will help your wife to add her name to the property deed. this will make her one of the owners of the property. however, after the change of ownership, there are chances that the lender would ask her to refinance the loan. if she has a bad credit, it won't be possible for her to refinance the loan.
thanks