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Miriamhdz78 · Joined: 19 May 2008 Posts: 2 1.61 Dollars($)

my grandmother left me a proprty (paid off)my husband & I want to take out a loan of about $50K to pay off debt & to invest in another property. we want to use my apt as collateral for this loan. I was going to do the loan myself, but based on my credit score, i dont qualify, however my husband does. we want to do a joint loan. my question is , can i do a quit claim deed to add him to propoerty & then can i remove him later? thanks! can this cause any problems?

JuanHdez · Posted: Mon May 19, 2008 2:05 pm Post subject:

Great question Miriam.

From a bank/lender's prespective. If you are the only one on title, you should be able to finance the property with your husband. However, if you decide to quit-claim his name off the property, he would still be heald liable for the mortgage loan. It can be done but would be a tought pill to swallow if I were him.

Best o' Luck

J Very Happy

By the way, what is your credit score?

Miriamhdz78 · Joined: 19 May 2008 Posts: 2 1.61 Dollars($)

in the 400's. i am in the middle of fixing it.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Miriam.

Welcome to the forum.

If you quitclaim to add your husband on the deed then you will not remove him later on your own. Your husband needs to quitclaim to you.

BTW your credit score is not too good. So better do not go for a mortgage not. Better improve your credit first and save move for the closing cost and down payment. BTW why is your credit score so low?

Can you inform us about you husband's credit and annual income so that we can give you a better answer?

Best of luck,
Larry

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