Posted on: 11th Aug, 2008 10:09 pm
My mother signed on a joint owner of a home I purchased to ensure all credit was acceptable. Actually 3/4 of the purchase price was paid in cash. Now, I am trying to get more needed funds on a home equity line of credit and they want her signature also. I do not want to upset her with this as I will be using the extra money for a recurrent cancer operation for myself and she herself has a serious cancer and this news would send her over the edge in an already frail state. Would having her sign that Quitclaim be the answer? I've already been approved for the money, it's the signature issue from her that is holding it up.
Welcome Annie.
Sorry to hear your situation. Is your mother also the co-signer of the mortgage? If your mother is the co-signer of the mortgage then quitclaim will not release her from the mortgage liabilities. BTW you can get the HELOC on your name only without signing her a quitclaim deed. But you may take her approval for taking the HELOC.
Let me know if you have any further queries.
Sorry to hear your situation. Is your mother also the co-signer of the mortgage? If your mother is the co-signer of the mortgage then quitclaim will not release her from the mortgage liabilities. BTW you can get the HELOC on your name only without signing her a quitclaim deed. But you may take her approval for taking the HELOC.
Let me know if you have any further queries.