Can I use a quit claim deed to remove my title from a house so that I can qualify for a larger mortgage on another house?

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Can I use a quit claim deed to remove my title from a house so that I can qualify for a larger mortgage on another house?

I am on the title to a house owned by my husband but not the mortgage. I want to buy a house on my own. I qualify for a small mortgage but the lender says I would qualify for much more if I did not have my name on another home.

Asked on October 10, 2012 under Real Estate Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I suggest that you consult with a real estate attorney about having a buy sell agreement  worked out between you and your husband as to the transaction you want to do or how the quitclaim comes into the situation. You will need to work with the presumed mortgage broker that you have written about concerning the loan you desire.

By quitclaiming your interest in the home you have written about where you are not on the loan, such a procedure may allow you to qualify for a better loan on the home you wish to purchase.


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