ramifications of wife buying house w/o me

[tkorocky99]

My wife is buying a house for her son. She applied for the loan, and wants me to sign a quit claim deed on the property, presumably to sign it over to her son, but w/the loan still in her name

What are the legal, tax, and other consequences of doing so? How would it effect my credit and oblicatons? Should I see an attorney? What questions should I ask? Was it legal for her to apply for a loan on her own?

thanks