Posted on: 14th Jan, 2008 02:08 am
i have property that i owned previous to my current marriage. due to the mortgage going adjustable, i need to refinance. since i have lost my job, my current husband wants to refi in his name and add me to the deed. if i sign a quit claim in order for him to be able to refinance the loan, will that have any later affects of my ownership of the property or will that solely be used for the purpose of the refi?
hello bre,
if you sign a quit claim deed that will remove your name completely from the title of the property and you will lose your ownership rights to it. if you are not added to the deed later then you are out of it.
has the lender asked him to remove your name from the deed? that is sometimes required to get the loan.
now this has to be settled with your husband. if he says that he is going to add you to the title later then either you have to believe in him or else you may keep a written document of this agreement signed by one or two witnesses.
if you sign a quit claim deed that will remove your name completely from the title of the property and you will lose your ownership rights to it. if you are not added to the deed later then you are out of it.
has the lender asked him to remove your name from the deed? that is sometimes required to get the loan.
now this has to be settled with your husband. if he says that he is going to add you to the title later then either you have to believe in him or else you may keep a written document of this agreement signed by one or two witnesses.
good advice, jenkin; but i think we need to substitute legal representation for the two witnesses. since any fool can be a witness to something, it is imperative that you have a clear legal opinion on what you are trying to do, bre.
Hi Bre,
I think you can add your husband on the deed by using a grant deed. Talk to the lender and see if, after being the joint owner of the property, can your husband be able to refinance the mortgage on his name.
Now after adding your husband on the deed he will also become the owner of the property with you.
Feel free to ask if you have any further questions.
Best of luck,
Larry
I think you can add your husband on the deed by using a grant deed. Talk to the lender and see if, after being the joint owner of the property, can your husband be able to refinance the mortgage on his name.
Now after adding your husband on the deed he will also become the owner of the property with you.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Hi Bre,
You can still retain ownership by remaining on title even if you have your husband refinance the property in his name. You and him can be on title and he will be the only one on the loan (mortgage). So I suggest that you do not take yourself off the deed but simply add him to the deed so that he can take out a refinance on the property. I have done this many times for my clients that are in this situation.
You can still retain ownership by remaining on title even if you have your husband refinance the property in his name. You and him can be on title and he will be the only one on the loan (mortgage). So I suggest that you do not take yourself off the deed but simply add him to the deed so that he can take out a refinance on the property. I have done this many times for my clients that are in this situation.