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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30909
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I married a woman who has a quick claim deed to the house her

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I married a woman who has a quick claim deed to the house her ex husband bought and got the mortgage on. His name is XXXXX XXXXX the mortgage. he lives in Vevezuala and has signed over all interest in the property. She was 8% interest only payment. The property is valued at 290 and has a balance of 219. Can she sell to me for 219 and give me the gift of equity. We have a mortgage broker saying yes we just need to put in my name and add her to title in a few months.This is an 80% loan not an fha. I'm the one with good credit and income to qualify. Someone tell my wife that this is illegal now she is worried
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  Roger replied 6 years ago.
She can deed you whatever interest she has in the house by a quitclaim deed. The mortgage remains outstanding and the person the signed the loan is still responsible.

If the loan is not paid and goes into default, both the owners ( on deed) and the borrower will lose their interest in the property through foreclosure.
Customer: replied 6 years ago.
We have been paying the interest only loan for 12 months the loan is in good standing we need to get the mortgage out of his name by refinancing. she is not on title so she can't refinance in her name.they say it take at least 3 months to get her on title and we want to redo now. I'm the one with the great credit and can prove income. Can she sell me the house appraised at 290 for 219 plus closing cost and count the equity towards the 20% that makes it an 80% loan. This would payoff the original mortgage making that not aproblem.Were not talking about defaulting on any loans. Is there any disadvantage to this? I'm a first time homebuyer so the mortgage broker says I'd be eligible for the 8000 tax credit and would be able to register for homestead exemption in march which my wife can't do because she is not a citizen and does not have permanant resident status yet
Expert:  Roger replied 6 years ago.
No. I don't see a problem with what is being proposed. You are eligible for a tax credit.
Customer: replied 6 years ago.
you do not see a problem with anything at all not just the tax credit
Expert:  Roger replied 6 years ago.
Well, you've confused me. You said that she had a quitclaim deed for the property from him and then you said that she's not on the title. If she is not on the title, she can't sell you anything because she doesn't own it.

If she owns the property, she can sell it to you and you can refinance the debt.

You should get him to deed you any interest he has as well.
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