Posted on: 05th Sep, 2007 07:37 pm
i am interested in signing a quit claim deed and giving her the right to refinance the house in her name only. is this a good move and will it free up my credit and name on the title so i can go buy another house on my own??????
Hi Ssidler,
Welcome to the forum.
If you have no further interest in the property, there is no problem if you quitclaim your share of ownership rights to your domestic partner. At the same time she will refinance the loan in her name solely. In this way, you will completely be free of that property.
And after removing your name from the property and the loan, you can buy a new house of your own.
Welcome to the forum.
If you have no further interest in the property, there is no problem if you quitclaim your share of ownership rights to your domestic partner. At the same time she will refinance the loan in her name solely. In this way, you will completely be free of that property.
And after removing your name from the property and the loan, you can buy a new house of your own.
"I am interested in signing a quit claim deed and giving her the right to refinance the house in her name only. Is this a good move and will it free up my credit and name on the title so I can go buy another house on my own??????"
You need to make sure that she refinances the mortgage at the time property transfer documents are signed. If she is not able to refinance then what will happen is that you will remain on the mortgage but without any rights over the house.
In case she defaults your credit will also get affected. So it is important that she is able to qualify for refinance and refinance is done at the time property ownership is transferred in her name.
You need to make sure that she refinances the mortgage at the time property transfer documents are signed. If she is not able to refinance then what will happen is that you will remain on the mortgage but without any rights over the house.
In case she defaults your credit will also get affected. So it is important that she is able to qualify for refinance and refinance is done at the time property ownership is transferred in her name.
"will it free up my credit and name on the title"
quit claim deed will free your name from the title but till the mortgage is refinanced by her it will continue to appear on your credit report
quit claim deed will free your name from the title but till the mortgage is refinanced by her it will continue to appear on your credit report