Should I sign the Quit Claim Deed?

Posted on: 10th Oct, 2008 09:59 am

My Father-in-Law and I own a home together we purchased last year as a family residence. My company moved me from California to Texas. Since I no longer live at the property, he wants me to sign a quitclaim deed. Also they are thinking about claiming bankruptcy and want me off the deed so that the companies do not come after me. I think that since the loan is still in our names (me and the father-in-law) regardless of the title, I would still be responsible. Should I sign the quitclaim deed?

Total Reply : 5

hi bethlewis!

welcome to forums!

signing a quitclaim deed will only take you off the title of the deed. it will not take your name off the mortgage. if you want to take away your name from the mortgage deed, you will have to either go for the process of novation or your father-in-law has to refinance after you quitclaim.

feel free to ask if you have further queries.

sussane

smith.sussane

Posted on: 10th Oct, 2008 08:23 pm

Hi bethlewis!

Quitclaim has nothing to do with mortgage. If you quitclaim the property to him but he doesn't refinance, the mortgage company will come after you for the loan.

Thanks,

Jerry

jerry

Posted on: 11th Oct, 2008 02:59 am

Will my assets be tied up in his bankruptcy? There's no intent to not pay the mortgage and the home will probably be sold. In the mean time dies my credit (we are not spouses only in-laws) become affected by his poor choices.

bethlewis07

Posted on: 11th Oct, 2008 06:28 am

Hi beth!

If the property goes into a foreclosure or bankruptcy, there are chances that the mortgage lender may place a lien on your property.

Thanks,

Jerry

jerry

Posted on: 13th Oct, 2008 01:57 am

jheard

Posted on: 13th Oct, 2008 06:04 am

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Should I sign the Quit Claim Deed?