What is a Quit Claim Deed? How much does it cost? And how do you get off of a co-mortgage w/family member?

Question

I've co-owned a house with my mother for years and now I'm looking to buy a home with my husband. My mother can afford the house on her own easily. How do I get off the mortgage so that Imy husband and I will be able to qualify for more credit?

Answer 1

You actually don't need to worry about getting off of the deed unless your mom wants you off.

As far as you trying to buy a house now, having that mortgage partially in your name is most likely giving you a debt-to-income ratio problem (DTI)

Your mom will need to refinance the home in her name only. This will free you from that mortgage debt. The deed is irrelevant.

If your mom needs a refinance quote, have her check here
www.homelendingmadeeasy.com They give free quotes.

Answer 2

The second part of your question is how to be removed as a borrower on a loan. To do this your mother will almost certainly have to refinance the loan on her own. It is theoretically possible that the lender will release you, but it does not normally work this way. Let me stress, just taking your name off the deed of ownership does not release you as borrower on a loan.

Answer 3

a quit claim deed is when you sign your interest in real property to another individual. and the only way to get of a mortgage with a family member is for that family member to refi the mortgage without your name

Answer 4

Go online and type in your state and the words "quit claim deed". It should pull up a blank one that you can print off and use to sign your portion over to your mother. Fill it out, have it notarized and recorded at your county recorder's office and it becomes hers.

Answer 5

They sell them at Staples (cost a few dollars). Fill it out and bring it to the court house (fee will depend on your county). Very simple.