I bought a house 1 week after getting married and my wife signed a quick claim form. I would like to move the house into my living trust and I would like to refinance it. Which should I do first and will my wife ever need to sign another quick claim form? That is something I would like to avoid. Is it more difficult to refinance if the house is in a trust? (My wife is the executor of my trust should anything happen it shouldn't be a problem for her.)
Refinance first -- although your wife may have to be a co-borrower and/or be on title depending on the lender and other facts not stated. Whether or not your wife is "on title" she will be able to assert a community property interest in the house unless there is a clear waiver of that interest. IMO, a Quitclaim deed will not suffice. Good luck.
I am licensed in California only and my answers on Avvo assume California law. Answers provided by me are for general information only. They are not legal advice. Answers must not be relied upon. Legal advice must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for legal advice. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this reference
1 lawyer agrees
Real Estate Attorney
You should likely consult a lender first. Lending requirements VARY greatly from lender to lender. Often (but not always), private mortgage brokers (i.e. not your local national bank chain) have greater flexibility in lending issues. Their underwriting department will ultimately decide if they can lend to you, and what (if anything) they may require regarding the trust, deeds, etc., etc. Good luck!
2 lawyers agree