Applying for a loan after your name has been quickclaimed

Guest 0.10 Dollars($)

My name was recently quick claimed onto a house. Can I apply for a loan on my share of the house. What rights do I have regarding the equity if we split up?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi DEI,

Welcome to the forum.

I think you can apply for loan and get it but the co-owner should agree for that.

Now what rights have been mentioned in the deed we don't know. So better consult with an attorney.

You can check this article to understand better how quitclaim deed works - http://www.mortgagefit.com/quitclaim-deed.html

Feel free to ask if you have any further questions.

Best of luck,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello DEI,

As you have been added to the title of the property with the help of a quit claim, you have ownership rights to it. So you may take a loan in your name against the property.

If you want to split then you may ask the other owner to buy you out for your share of equity. Then, you will have to transfer the ownership rights of your portion of the property to the other owner and you will receive the price for your share of the property which you will transfer.

But now if you take a mortgage in your name, you shall remain responsible for making the payments and then it might be difficult to move out of the property.

gmakerley · Posted: Tue Jan 08, 2008 9:50 am Post subject:

DEI, as an owner of the property you are eligible to be a borrower, using the property as collateral for a loan. however (and this is a big however), you must have the permission of the other owner(s) in order to do so.

if you are simply seeking a small, personal loan; then using the house as collateral would not be necessary. further, any borrowing against the property would be limited depending on the value of the home.

you need to consult with your co-owner before you make any moves.

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

As long as you are on title you can apply now but the other person on title will have to agree and sign paperwork at closing also.

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