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Mortgage Co. Quick Claim Deed

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penndon

Guest
My wife pre-qualified for a mortgae after we got married - the mortgage co. wants me to sign a quick claim deed. because my name is not on the mortgage. If I sign this document the atorney said I am covered under the right of surviour ship - I will be putting down half the down payment and pay the monthly payment how do I protect my self, from New Jersey
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by penndon:
My wife pre-qualified for a mortgae after we got married - the mortgage co. wants me to sign a quick claim deed. because my name is not on the mortgage. If I sign this document the atorney said I am covered under the right of surviour ship - I will be putting down half the down payment and pay the monthly payment how do I protect my self, from New Jersey <HR></BLOCKQUOTE>

I don't know how you can protect yourself from New Jersey. NJ is a pretty big state. What if there is a Jersey herd stampede?


Do you also have title to the property? If so, if the Quit Claim Deed is done this way, you will have maximum protection: Grantor (you) deeds interest to Grantee, (you and your wife) taking title by way of Tenants By The Entirety. There will be a full husband/wife right of surviorship with this method.
 

HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by penndon:
I DO NOT HAVE TITLE TO THE PROPERTY <HR></BLOCKQUOTE>

Hello, can you please explain the transaction? Why is the mortgage company teling you to sign a deed when you are not even on title?

Who is buying the property, who owns the property now, who is getting the mortgage etc.

 
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penndon

Guest
This is a new House Is Being Purchased By My Wife, from a Seller, The Mortgage Is going To be in my wife's Name. The Mortgage Co. Requested that I Sign A Quick Claim Deed since the Morgtage is not in my name. And we are married - is this normal
 
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David J. Miller

Guest
No, it is not normal for a mortgage company that knows what they are doing to request a quit-claim deed from someone who isn't already nor is intending to be in title to the property.

Is your wife obtaining first-time homebuyer financing? I've seen situations where when there is a non-occupying co-signor, the first-time homebuyer guidelines prohibit the non-occupying co-cignor from signing the deed. While this does not explain your circumstances, sometimes underwriters or mortgage processors don't really understand what a quit-claim deed is and what purpose it serves. The only thing they know is they remember the last time they processed one of these loans a quit-claim deed was involved because the loan ended up closing with the co-signor signing the deed and then they had to follow up and request a quit-claim deed from the co-signor so they could sell the loan.

By signing a quit-claim deed you are effectively doing the same thing as not signing the deed at all which is what your intent seems to be. As Homeguru mentioned earlier if you want to be in title, you could always quit-claim deed from your wife to you and your wife later on which will put you back in title along with your wife.

I am not an attorney.
 
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penndon

Guest
So if I was to sign a Quick Claim Deed, I would have no recorse in getting any funds invested in the property, Down Payment, Monthly Payments, renovations expense
 
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David J. Miller

Guest
Since "the Attorney" (I'm not sure who the attorney represents, you or the mortgage company) said you will have rights of survivorship it means that your state has laws that make it a community property state. This means that married people own half of all of their marital assets unless otherwise stipulated by separate agreement (prenuptual agreement or the like). That means that whether you are physically in title or not, you have a marital interest in the property.

If the attorney mentioned does not represent you, perhaps you want to speak with an attorney in your state or waite for another response from an attorney on this sight. You can even ask the title company's attorney for an explanation if you want.

Also, I would call the mortgage company and speak with a manager and ask them specifically, "If I am not on the purchase agreement or the deed, why do you want me to sign a quit-claim deed?" Tell them that one must first be in title to a property before one can quit-claim deed their interest to another. I know it sounds silly having to tell a mortgage company something they should already know. It's like having to tell an auto mechanic that blinker fluid isn't a real product. Let us know what their answer to that question is.

Finally, you have not answered: Is your wife getting first-time homebuyer money or some other type of bond money?
 
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LISA NAQUIN

Guest
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by penndon:
My wife pre-qualified for a mortgae after we got married - the mortgage co. wants me to sign a quick claim deed. because my name is not on the mortgage. If I sign this document the atorney said I am covered under the right of surviour ship - I will be putting down half the down payment and pay the monthly payment how do I protect my self, from New Jersey <HR></BLOCKQUOTE>

I don't know anything about q.c.d, but my husband went through a lawyer and donated 50% of the house to me so my name will be on the title of the house. Usually the Mortgage Co. has the title and when the loan is paid off you go to the courthouse and file that is has been paid in full and they will give you a certified copy of the title.

 

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