i have bad credit and own my home which i put thirty thousand dollars down on my home. i want to take a home equity loan out to get caught up on my bills. i was told the only way i could do that is to have my boyfriend that has fair credit be my co-signer and do a quick claim. how long does that usually take?
2006-06-20 14:18:32 · 9 answers · asked by jmpoct03 1 in Business & Finance ➔ Renting & Real Estate
It's a "Quit Claim" and it's a type of deed. By signing a quit claim deed you are transferring ownership of the property to your boyfriend. I strongly recommend that you NOT do this without speaking with a real estate attorney and making yourself completely aware of what can happen.
And by the way, your boyfriend does not need to be listed as an owner of your property in order to be a co-signor on your loan. Find yourself a new mortgage advisor. A good start is speaking with a loan officer at the bank where you do most of your banking.
2006-06-20 14:22:28 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It's called a "Quit Claim Deed." Don't do it....The only thing you accomplish is giving ownership of the equity in your home to your boyfriend, but still have the responsibility of paying the mortgage. Your boyfriend, or anyone else for that matter, gets the benefit of home ownership, while you would be stuck with payment. Remember, the bank didn't loan him the money, they approved you.
Legally speaking, your boyfriend is a legal stranger; why would you sign over your only asset to a 3rd party stranger. Don't do it.
Don't have your boyfriend co-sign either. You can qualify, you will just be stuck with a higher variable interest rate and prepayment issues. Do it on your own.
2006-06-20 21:28:09 · answer #2 · answered by Paula M 5 · 0⤊ 0⤋
it is actually a quit claim deed and it's a deed where you would actually transfer all your interest in your house to your boyfriend. It is mostly used in cases of divorce where a spouse is awarded a house in a divorce. The other spouse would usually take out a quit claim deed to give up all their interest in the home. It is also widely used when there is an issue with the title of the property, but that doesn't seem to be your issue. I apologize that I don't know how long it takes to execute one.
2006-06-20 21:31:06 · answer #3 · answered by tikki85@sbcglobal.net 1 · 0⤊ 0⤋
Its a fast simple deed transfer. And it is quit Claim.Consult a real estate attorney for legal advise.Question how long ago did you purchase the home? Where is it? What is your fico score. And how much are you looking for?
By the way boyfriend is not even your husband.Might as well sign it over to a stranger.
Not good common sense to do that.
2006-06-20 21:22:38 · answer #4 · answered by realestate_leader 3 · 0⤊ 0⤋
DON'T DO IT!!!! He would have an equal right to your house. If anything bad were to happen (I hope not, but you never know) he would be entitled to 1/2 the equity in YOUR house. Try a parent.
2006-06-20 21:26:44 · answer #5 · answered by darkphoenix278 2 · 0⤊ 0⤋
I believe you are referring to quit claim deed. It is a deedthat any lawyer can draw up immediately. at stats that you are giving all your claims to the property too the holder of the quit claim deed.
2006-06-20 21:26:18 · answer #6 · answered by Dick M 3 · 0⤊ 0⤋
QUIT claim. If you are the one required to sign it DON'T do it. If he is, no sweat.
Are you sure you've checked enough different lending institutions? This sounds a little too weird, to me.
2006-06-20 21:23:58 · answer #7 · answered by gabluesmanxlt 5 · 0⤊ 0⤋
It's "Quit Claim" and don't do it. Look for a better loan advisor.
2006-06-20 21:49:27 · answer #8 · answered by Ren 3 · 0⤊ 0⤋
Quit Claim - You give up your ownership and don't warrant anything else
2006-06-20 21:24:54 · answer #9 · answered by gcbtrading 7 · 0⤊ 0⤋