Legal Question in Real Estate Law in Maine

husband and i purchased home 7 yrs ago. He is refinancing under his name only as BOA refused me due to credit blemish; BOA said I need to be present to sign something regarding the deed. Is this a quitclaim and if I sign does that relinquish all my equity in the home?


Asked on 5/03/11, 8:30 pm

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

It is not uncommon for the refinance to be in a one spouse's name only due to credit issues. If the property is jointly titled, then it is also common for the non-borrower spouse to be at Closing and sign the mortgage, which is an agreement to allow the whole property to be used as collateral.

It is not common for the lender to require that the non-borrower spouse quitclaim their interest to the borrowering spouse as that will, as you suspect, relinquish all of the non-borrower's ownership and equity.

I do not advise cleints to ever agree to quitclaim away their interest to refinance.

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Answered on 5/04/11, 5:03 am


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