Quit Claim
My boyfriend and I own a home together. I have recently had some credit problems and now I want to refinance and take some of the equity to clear up my credit. Can I do this without his consent or is he going to have to sign a quit claim? Also, after the refinance, if he signs a quit claim, how quickly can I put him back on the deed?
You would not be able to do without his consent. Why would you have to take him off the deed for for re-finance? Because of his credit issues?
You would be able to add him back on the deed immediately after re-financing.
I would take him of the deed so that I could refinance and he would not be responsible for the mortgage and subsequently, my debts. Do you think a quit claim is the right approach?
But when you put him back on deed he owns 50% of the property and you are 100% responsibile for the debt.
When we purchased the property, he put a substantial down payment on it and I put nothing. I think it is only fair, that I assume the responsiblity of the mortgage at 100% - In the event that any thing happen to me, he would at least get his money back and my estate would be responsible for the mortgage payment. I still am not sure if a quit claim is the right approach though?
Quit claim would be what a lender would require if only you are going to be on the loan. Once the mortgage is recorded you do another quit claim adding him back to the property.