Posted on: 10th Jun, 2008 01:35 pm
My wife and I have been married for 16 years and have two boys. We were prior military and I retired 10 years ago. We moved a lot but have settled in Arizona where we purchased a house 3 years ago that I have fell in love with. Great neighborhood to raise my boys. My wife has now decided that she no longer wants to be married and also be just a part time mother. I would like to keep my home to raise my sons. Is the quickclaim deed for me and my purpose?
As the laws differ from state to state you'll want to consult an attorney. Even if you and your wife agree to how the house, etc. should be divided remember that if the house if mortgaged simply removing her name from the title will not end her liability as far as the lender is concerned.
Also, be aware that most mortgages contain an acceleration or alienation clause making the balance of the loan due when title is transfered. Refinancing your home loan may be an option - removing your wife's name & taking advantage of any equity available.
Also, be aware that most mortgages contain an acceleration or alienation clause making the balance of the loan due when title is transfered. Refinancing your home loan may be an option - removing your wife's name & taking advantage of any equity available.
Yes, a quitclaim deed can serve your purpose here but I'd like to ask you as to whether your wife's name is on the loan. If her name is on the loan then you can consider refinancing as Lynnette has suggested, provided you get lower rate compared to that of your existing loan.
However if only your name is on the loan and both of you are on the deed, then simply a quitclaim transfer will do.
Refer to the information on quitclaim deeds and find out how they work.
Thanks
However if only your name is on the loan and both of you are on the deed, then simply a quitclaim transfer will do.
Refer to the information on quitclaim deeds and find out how they work.
Thanks
