I am concerned I may not qualify by myself even though I have been the one making all of the payments the past 20 months.In TN if spouse quit claims mortgage to me, will I have to requalify for the loan?
Spouse cannot quit claim mortgage only ownership. The spouse is still liable for the mortgage. It is a signed contract. In TN if spouse quit claims mortgage to me, will I have to requalify for the loan?
the term quit claim has to do with them trying to give you full ownership of the property. The mortgage is another matter. You can not take the spouse off the mortgage. The mortgage company has to do that and I have never seen them do it unless you refinance the home in only your name.
I agree with the above poster. Your spouse would be very foolish to quitclaim the title to you while still remaining on the hook for the mortgage. Your spouse should demand that you refinance to a new mortgage in your name only so that they are off the mortgage before they sign anything.
You `can quitclaim property, but not a mortgage. The original people on the mortgage still owe it if the property is quitclaimed to someone.
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