Home Buying in 22201>Question Details

cheri0327, Home Owner in 19090

Bank wants my name off the deed

Asked by cheri0327, 19090 Fri Jun 13, 2014

My fiancé and I are buying my ex-husband's share of my home. Because my credit is bad, and the loan will be in my fiancé's name only, the bank is insisting that my name be taken off the deed. How do I protect over $100,000 of equity I already have in this house if I'm not on the deed? A "Quit Claim Deed" has been suggested, but I don't think it's worth the risk of the bank calling in the loan on the "Due On Sale" clause. I am worried sick about this. Do I have any legal recourse? Is there a document I could have my lawyer draw up to protect me from losing everything in the event, God forbid, something happens to my fiancé before I am back on the deed? Any advice will be so appreciated. thank you

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Cheri,
There are safe, legal ways to address this, but you need to get an attorney or Escrow to help you. One consideration would be a prenuptial agreement specifying this issue only, but discuss the options with an attorney who can give you the pros and cons of all the options.
0 votes Thank Flag Link Sat Jun 14, 2014
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