Am I In Lala Land
My mother is thinking about doing some investments with me, this is how she wants it to be done. She is planning on adding me to her quitclaim deed she got from her divorce, then do a cash out refi with both our names on the new loan. The money we take out would be used for invmnts only. Can this be done as easy as it sounds??
I know someone has the answer
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Why does she need both of your names on the refi?
Sounds like it will work, but I'm not super clear on why you would want to refi together...
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her credit is not that good and we want to pull out some cash, that's why both of our names would be used for the refi. So can she add my name on the quitclaim deed without any problems??
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There are tons of ways to get started. Your scenario could be another one. Why does she need to put your name under the refinance?
I believe she can add anybody's name on the quitclaim after the refi. I'm not too sure though. I'm just getting my feet wet with investing.
:-D
I see everyone thinks with my name on the refi loan is not a good idea. I am only doing it because her credit isn't the best right now. That's the reason for my name being on the deed. What would be the pitfalls in this situation.
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First, it's confusing when you say that your mother wants to add your name to quitclaim deed, because quitclaim is used to release their interest in the property, not add someone. It's the Grant Deed that you would be added to
As far as refinancing, yes you can definitely put a loan in your name or both of your names. I don't know what your arrangement would be as far as making mortgage paments, just keep in mind that if your mother is not able to pay her portion, you would still be responsible for making full payment. Sound, from your description, that that could be a possibility.
Thanks for all the comments you wonderful people.
Keep investing!!
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