questions & answers

Question: In the dot com recession, my IT job disappeared. I had to refinance my home. My son signed the new mortgage because I needed his income to qualify. I have since wished he could be removed but couldn't refi because property values fell. Now my job has once again disappeared and I am facing foreclosure. I am applying for assistance thru SaveYourHome. My mortgage counselor tells me that I would easily qualify except for the co-signer. In the past 2 yrs, my son has gone thru a BK & lay-off. He's been at his new job 9 months makes $13 per hour. I've heard about Quit Claim deeds. Can he be removed?

Answer: A quit claim deed would allow your son to deed to you (or anyone else) any interest he has in the property. He would still remain liable on the underlying promisary note. I can not speculate as to whether your son exercising a quit claim deed would make it easier for you to refinance.