Quit claim deed?
My husband and I bought a house together, and we have now split up. He has agreed that I will keep the house, as we bought it from my Mom.With the quit claim, does he still have rights to this house?Taxes? My Mom is going through the same thing, and has moved in here w/me.I would like to re-finance, but I am on an FHA 30yr fixed at 5.5%, and everyone that I have talked to says that I would not be able to do better than that.W/ the FHA loan, I have to pay mortgage insurance(about $84 monthly)Would it do me any good to refinance w/a conventional loan at about the same rate,to avoid mortgage ins.?My ex does not want to be held responsible for any part of the house, and I don’t blame him!Any suggestions would be appreciatd, thank you.
Re: Quit claim deed?
Usually, when one party elects to keep a marital home, the party keeping the home will refinance it into their name, so the other party’s name is off the deed of trust, and they are free to seek another loan for another home.
Even if you get a quit claim deed, and do not refinance, your husband will still be liable under that deed of trust you now have.
I don’t see how you have a choice about refinancing, unless your ex is willing to allow his name to remain on the deed of trust, which it appears he doesn’t want that.
If the home has appreciated to the point where you would only need an 80% to value loan, then you may be able to avoid the $84/mo. mortgage insurance rate.
Note, when you refinance, there are costs which get passed on to you, so you need to keep those in mind as well.
I hope this helps and good luck. You can call me if you have any questions.
Amir John Showrai
The Pacific Law Firm, PLLC
1501 Fourth Avenue, Suite 2150
Seattle, WA 98101+3225