Quit-Claim Advice needed

My husband and I purchased a home over one year ago with his aunt. Now he is driving 3 hours a day or more to his job he started 5 months ago, and also the living situation with his aunt is a nightmare and we must get out. So, we would not like to make any more mistakes and are interested in a quit-claim, because his aunt wants to stay in the house and does not care to sell it. She is willing to have it signed over to her. Most importantly, if we do the quit-claim, will it release us from the mortgage in every way so that we can be free of it to buy our own house? And, is it necessary to get an attorney to do the quit-claim? Is there a reason why a quit-claim would be a bad option? Thank you so much....

cayce

[lclapp]

will it release us from the mortgage in every way so that we can be free of it to buy our own house?

Absolutely not, the only way to do that is if she refinances the mortgage.

Is there a reason why a quit-claim would be a bad option?

If you want to be responsible for the mortgage without owning the house, be my guest. I wouldn't do it. And yes it will be included into your DTI when buying a new house.

Thank you so much...saved us from making a big mistake.

cayce