Posted on: 18th Nov, 2009 08:23 am
i'm contemplating a divorce, live in arizona, and both my husband and i are on the mortgage and heloc. if he signs a quit claim deed can i get him removed from the mortgage with proof of divorce? also, the heloc is in both of our names with myself as the primary. i just went through a bankruptcy and reaffirmed the loan in the bankruptcy so would i be able to remove his name from that as well? currently, i am the primary breadwinner so he cannot afford the house by himself.
on the other hand, if i don't want the house, can i remove myself from the mortgage and heloc by signing a quit claim deed myself? how would that affect the heloc since it was reaffirmed in my bankruptcy? would i still be liable for the heloc even if i relinquish all of my rights to the property?
thank you...
on the other hand, if i don't want the house, can i remove myself from the mortgage and heloc by signing a quit claim deed myself? how would that affect the heloc since it was reaffirmed in my bankruptcy? would i still be liable for the heloc even if i relinquish all of my rights to the property?
thank you...
all of the gyrations you describe above will not remove anyone from a mortgage or heloc. in order for someone to be "off" a loan, that loan would have to cease to exist, i.e. you or he would need to refinance.
there is a process called novation, which removes a person's obligation, but my opinion is that this process is as archaic as avocado-colored appliances. in this current economic time, a lender would have to be quite foolish to allow a novation, just as we'd all be foolish to buy an avocado-colored refrigerator.
there is a process called novation, which removes a person's obligation, but my opinion is that this process is as archaic as avocado-colored appliances. in this current economic time, a lender would have to be quite foolish to allow a novation, just as we'd all be foolish to buy an avocado-colored refrigerator.
and for all you younger folk, avocado was a very popular color for appliances back in the day. we never did figure out why that was the case.