Refi Question when you are quickclaimed


if you get quicked claim out of a property can your income be used to refi that property?


A quit claim deed relinquishes whatever claim to title the signer had. In order to have your income count in a refinance, you have to be on the loan, and cannot be on the loan without being on title as well. You could be added back to title, if need be, to have your income count on the refinance (and with you being a co-borrower on the loan), but no, your income will not be used for qualifying purposes if you are not on both title and the new loan. Hope that helps, let me know if you have more questions, Ted

Answered almost 3 years ago
Ted Rood
1480 1 8

You probably want to refinance right away and the borrower on there now perhaps can’t qualify alone. Here’s the only way to make it happen:

You must be on title for a 12 month seasoning period before you can apply for a new refinance and have your income count for qualifying purposes.

As long as the seasoning period is met, any person who is on title (seasoned) can apply for the new loan on the property, with or without the previous borrower. The seasoning period is the only way to meet the “continuity of obligation” requirement. Otherwise, the person who was on the loan before must be on the new loan. Either way, it’s 12 months before your income will count.

Answered almost 3 years ago
over 2 years ago PH said:

So refinances can only be done if you are already on the title for 12 months and if not you have to do a new purchase loan with husband only in order to take mother-in-law off of current mortgage and deed?

over 1 year ago Matt Eggleaton said:

Thx Dana. Is the Continuity of Obligation 12 mths or is it 4 months? It’s been a while since I’ve dug into the Seller Guide on this topic, but the last time I did I think it was 4 months, I could be misremembering or is it an overlay? Just curious. How are things at Banc of California?


The only way the income of a person who is not on the title can be used to secure a loan is if you are a co-signer on the loan. This is less of an issue of property possession and more of an issue that if the borrower fails to repay, the co-signer is liable for the loan.

Answered over 2 years ago
over 2 years ago Ted Rood said:

Have no heard of a coborrower being able to be on the loan, but not title to the home, Simon. If that’s possible, it’s a new one to me.

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