Asked by Julieann, Los Angeles, CA • Sat Jan 31, 2009
Our rebroker advised that the loan be obtained in my husband's name only to ensure a better interest rate since his credit rating is higher and were assured that my interest in the house would remain but that I would have no personal obligation for the mortgage. However, now that we're actually in escrow, we found out that I must sign what appears to be a quitclaim deed, giving up my rights to the title of the house, including any community property rights. Needless to say, we're both flabbergasted, but are reluctant to lose out since we're locked in at an incredibly low rate. (This psychologically hurts even more since I paid for original down payment and MY parents gave us a Christmas gift of money to cover closing costs now.) IF we go ahead with this and I sign the quitclaim, can my husband put me back on the title after the refinance without the loan being accelerated? AND what about federal gift tax?
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