Posted on: 21st Jan, 2009 03:08 pm
My brother and I own the family home that has been paid for since 1978. We remolded the home and went over the budget, and have since been trying to get a small loan. But, due to my poor credit (my brother has great credit) and living in the home, we have not been able to secure a loan. If I quit claim the home to him, in order to get the loan, can we reverse the quit claim after we secure the loan.
Hi IRELAND,
As far as I know, you can remain on the property deed and your brother can take a loan on the property in his name. In that case, the lender will only look into his credit and income history. I do not think you need to quitclaim the property in his name.
Thanks
As far as I know, you can remain on the property deed and your brother can take a loan on the property in his name. In that case, the lender will only look into his credit and income history. I do not think you need to quitclaim the property in his name.
Thanks