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quit claim deed

Posted on: 28th Jan, 2007 10:40 pm
hey back again, so here's my story in small talk. my credit is below 600 where as my fiance's is above 600 i am the only one on the title right now have owned house since 03. i am trying to get home equity loan since i have a lot of equity in the house however bank tells me the only way to get this accomplished is to quit claim her so that i can run the equity loan in her name. first i am wondering if this is the best way to do this. second if the equity loan does go through would she be responsable for the property taxes or will that be up to me only. any help or feed back would be a great help. thanks
Hi flyboy,

Welcome to the forums.

If you quit claim the property to your fiance, she gets the ownership rights on it. Since she has good credit score, the bank is willing to offer her the loan. The bank officials feel that it is riskier to provide the loan in your name, because if you default, they will not be able to get back the payments from you.

You can sign over the deed to your fiance but be sure that you get to stay in the property. I feel it will be better if you can just add your fiance to the title instead of giving her the entire ownership rights through quit claim.

Your fiance will be responsible for the property taxes only if she gets the ownership rights on the property.

Thanks,

Sara
Posted on: 29th Jan, 2007 12:07 am
Yes as Sara said make your fiancé a co-owner, that way also she will be able qualify for the loan on her own score and you will keep ownership over the house.
Posted on: 29th Jan, 2007 03:30 pm
How can you run the loan in your name? I mean you can try to qualify for a loan using someone's credit profile but can't really run the loan in someone else's name.

If the loan is in someone else's name other than yours, then that person has the responsibility of making the payments. By the way, do you intend to make payments for the loan instead of yor fiance dong that.

I don't think the lender will allow for it.Well if you don't let him now, then that's fine. But then it won't get reflected on your credit report and hence won't increase your score too.
Posted on: 30th Jan, 2007 03:30 am
the first mortgage is only in my name i bought the house when i was single and didnt have any financial problems at the time. i had lost my job and got behind on a lot of things but have since cleared everything up just waiting for my score to come back up now. as far as the equity loan we want to add her using quit claim so that we can get an equity loan in her name through the bank using her credit. this is what the bank advised me to do. we will be making the payment together, and am aware that her credit will only be affected not mine. however i understand that i will still be responsible for the first mortgage and not her.
Posted on: 30th Jan, 2007 10:16 am
Yes that seems alright, did you contact any lender about the loan. I think they will agree to give the loan to your fiance on the basis of her good credit. Wish she gets approved.
Posted on: 30th Jan, 2007 10:26 am
if i wanted to bypass the bank alltogether, by having a quit claim done would it be better to contact someone like lending tree, would they allow the equity loan in her name only like the bank would.
Posted on: 30th Jan, 2007 10:29 am
Hi Flyboy,

The bank is holding the first mortgage and for getting the equity loan you will have to make her co-owner of the house. As there is a change in property title from the way it was when the first mortgage was taken, the bank should be told about it.

The reason why it is important is that if you do not tell and they come to know of it afterwards they will have the right to call the loan due as per the due on sale clause that your mortgage might be having.

David
Posted on: 30th Jan, 2007 10:40 am
"if i wanted to bypass the bank alltogether, by having a quit claim done would it be better to contact someone like lending tree, would they allow the equity loan in her name only like the bank would."
You can take the loan from any other company also and it is not necessary to get the equity loan from that bank only.

If your fiance can qualify as per criterion set by them then there will not be any problem, contact lending tree on whether they provide equity loans or not. Also contact few more lending companies to know the rates they are offering, make comparisons before going with any particular company.
Posted on: 30th Jan, 2007 10:51 am
Hi Flyboy,

You can surely get a home equity loan by qualifying with lenders other than the bank.

Our community also has a group of lenders offering different types of loan products for various types of properties. If you can provide us with some more details regarding your credit score, state and property, then we can help you locate a suitable lender. So, if you are really interested, then send us your Request for free consultation .

We shall forward your minimum details to our community lenders and if their profile matches with your requirements, then they shall contact you asap.

Good luck!
Posted on: 31st Jan, 2007 02:19 am
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