Hi
If there's no equity in the property, she'll not be able to refinance the loan in her name. No lender would want to refinance a property that does not have any equity. In that case, I think you should not sign the quitclaim deed. If she's not able to refinance, you will remain responsible for the loan.
If there's no equity in the property, she'll not be able to refinance the loan in her name. No lender would want to refinance a property that does not have any equity. In that case, I think you should not sign the quitclaim deed. If she's not able to refinance, you will remain responsible for the loan.
First, how are you determining the available equity in the property? Was the home appraised or are you simply estimating? FHA will allow for a refinance up to 97.5% which is as close as you're going to get to financing with "no equity". If the remaining equity is lesser than the 2.5%, you will be unable to refinance. I hope this helps...
