Information concerning Quitclaim Deeds

[dmarkmclain]

What is the name of your state?What is the name of your state?Alabama

Greetings! My wife and I are in process of refinancing our home. Here is some history. When we originally built our home, the property, as well as the house were all filed in my wife's name only. This was in 1994. The reason for this was because my credit rating at the time was not sufficient for me to be a joint applicant. Since then, my wife has been a homemaker and I have provided for our livelyhood. My credit is now well, so we are trying to refinance to take advantage of the lower interest rates and also pay off some of our credit card debt. We have been instructed by our potential new mortgage company to file a Quitclaim Deed to have the property filed in my name. My question is this: is it necessary to file the property in MY NAME ONLY, or is it possible for the Quitclaim Deed to reflect JOINT TENNANCY in the State of Alabama? I understand the mortgage company's need for the new issue of title, but is it really necessary for my wife to relinquish all claims to the property in order to accomplish this? If anyone has any information regarding this question, please post or send me an e-mail.
Thanks in advance for your help!

David

 

[HomeGuru]

What is the name of your state?What is the name of your state?Alabama

Greetings! My wife and I are in process of refinancing our home. Here is some history. When we originally built our home, the property, as well as the house were all filed in my wife's name only. This was in 1994. The reason for this was because my credit rating at the time was not sufficient for me to be a joint applicant. Since then, my wife has been a homemaker and I have provided for our livelyhood. My credit is now well, so we are trying to refinance to take advantage of the lower interest rates and also pay off some of our credit card debt. We have been instructed by our potential new mortgage company to file a Quitclaim Deed to have the property filed in my name. My question is this: is it necessary to file the property in MY NAME ONLY, or is it possible for the Quitclaim Deed to reflect JOINT TENNANCY in the State of Alabama? I understand the mortgage company's need for the new issue of title, but is it really necessary for my wife to relinquish all claims to the property in order to accomplish this? If anyone has any information regarding this question, please post or send me an e-mail.
Thanks in advance for your help!

David

**A: and what was the mortgage lender's exactreason for such a request?

 

[nextwife]

I'm SO tired of mortgage lenders advising people to transfer someones ownership rights away and not properly explaining themselves. Odds are, the lender can be satisfied by wife QCing property to she and you together so that YOU are in title along with her.

I, too, would be curious to hear the lender's reasoning for making you believe she should QC away her ownership entirely.