Okay restating the question

If my wife quit claim me to the deed of the house that is only in her name with a first mortage, can I get a second mortage only in my name. My wife cannot refi because credit score is below 500. My credit score is 560. The house has about $70,000.00 dollars worth of equity and I want to pull out $15,000.00. Are there any other ways I can get to this money without selling the house?

If I am quick claim to a deed can I get a loan against the deed if my spouse already has a first mortgage on the property? The house has about $70 dollars worth of equity. Wife unable to refi due to less than 500 credit score. My credit score 560.

Wondergirl

It's called a quit claim.

I couldn't make hide nor hair of your question. Please restate it. Whose wife? Who owns the house now?

DianeV Sr Loan Officer

You can apply for a mortgage as a refinance. However, you will have to qualify for the loan on your own. The 560 score is definitely a problem. You may have to go to a subprime lender. But, that means higher rates and more than likely a hefty pre-payment penalty.

ScottGem

If there is an existing first mortgage and you are NOT a party to it, then the bank may not permit a change in ownership. A mortgage represents a lien on the property. A lien states that ownersip of the property cannot be transferred unless the lien is satisified or permission given from the lienholder. Its very likely the bank would call the mortgage if you tried to quit claim it.