Is signing a quit claim deed necessary when refinancing your home ?

Dave
My wife and I are seeking to get a home equity loan. We havebeen married for 16 months and she bought the house 3 yearsago. Is there any reason why either of us should sign a quitclaims deed in order to get refinancing for our home ?

Aretha
Signing a quit claim deed shouldn't be necessary in a straight refinance. Unless there were problems with the original title, then the title should be clear when it is searched for the refinance. Some homeowners may need to execute a quit claim deed to themselves in order to clear up inaccuracies in the title, but that is in rare cases only.Signing a quit claim deed transfers your ownership in the property over to whoever receives the deed. You almost never want to do this, as long as you plan to continue living in the property and are paying your mortgage. Some criminals make it a point to trick people into signing quit claim deeds, so be very careful if someone asks you to sign one. If someone is asking you to sign one, you may want to consult an attorney to determine if it is absolutely necessary and to make sure everything is in your best interest.If the quit claim deed is made out to a third party and then recorded, you are no longer the owner of the property, and you probably won't be able to refinance.ForeclosureFish http://www.foreclosurefish.com/

Anika
I agree with the above answer.If your wife is the owner of the house, but if the lender requires income from BOTH of you in order to refinance the house, the lender may require that your wife quit claim her 100% interest in the house over to BOTH YOU AND HER. In other words, if the lender does not qualify her alone for a refinance, they could qualify you as a couple but only if you both own the house together. If she quit claims the house to the two of you as a couple, that would be giving you an ownership interest in the house. It is critical that she understands this. What if your marriage fails and you get a divorce? She would not automatically be able to keep the house as it would be half yours.The whole case could be quite complicated, so if she has not done this before she should see a lawyer.

Nereida
There are a few things that are left out that I might not understand about this transaction.#1 if your wife purchased this house three (3) years ago, did she ever place your name on the property?#2 If she did not place your name on the property and she is refinancing the property and you reside in a community property state, such as California, the lender might require you to sign a quit claim deed showing no interest in the property since it is your wife's property. #3 You are not being considered during the refinance, in other words you are not a part of the real estate refinance and they are not considering your income, credit or anything else in this refinance, you will be asked to sign a quit claim deed.I hope this has been of some use, good luck."FIGHT ON"

Clay
No...that's retarded. Any loan rep that insists, move on.