We kinda have a unique situation. I bought a house 7 yrs ago before my husband and I were married but we were together. I bought house on my income, tax return ect. My boyfriend, at the time, just put his name on the title, or deed, not sure exactly which one.He did not have anything to do with loan docs.Several years after buying house we got married. Awhile later my husbands father passed away leaving my husband a large trust fund.Through the trust my husband is able to purchase a house for us. We want and need to get out of our current home because we are under about 50,000. I bought the house7 yrs ago for 240,000, I owe about 270,000 now due to the housing market drop and I almost lost the house to forclosure in 09. With the way houses are selling in my area right now I doubt the house would sell for maybe 210,000-220,000.So because my husband can purchase a new house for us through the trust fund without me on the loan docs. Then I was going to short-sale our current home to get out of that one.My question is should I have my husband sign a quick claim deed before we go into short saling the house. We are a week away from closing on the new house that my husband purchased and we wonder if when I short sale would the current house mortgage company go after my husbands financial situation and can they find out that he has ownership in other real estate and therfor prevent us from short sale on current home. Thats why we are wondering if it would be better to get his name off the title to be on the safe side or is it not something to worry about. In the past when I went through almost losing my home and spending almost a year going through a loan modification they never tried to use my husbands financial situation because he wasnt on the loan docs plus he lost his job and became a stay at home dad mostly at that time. I hope this makes sence. just tried to explain as much as possible. Thank you for your imput. Jenny

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 Tags: short sale, quick claim, new house

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Brett Ehart    April 23, 2011

You might want to consult an attorney before doing anything. In my opinion, you shouldn't do anything that has to do with your finances one week before closing on a new house. Go ahead and close, and then make a decision about how to handle short selling the old house. I suspect it won't make any difference since your husband is not on the loan, and the lender didn't ask about him when you applied for a loan modification.

By the way, the term is 'Quit Claim.'