Posted on: 26th Jul, 2008 05:43 pm
My ex husband and I own a home. I am on the deed but not on the mortgage. The court papers state I live in home until it sells and he pays mortgage. He also has to pay me 30,000 before I move out. He is a mortgage broker and is telling me that we can sign the house over to the mtg company and it will not affect his credit and he will pay me the 30,000 and we will both be free o the home. He is very protective about his credit and I have never heard of anything like this and don't trust him. He is not behind on the mtg. payments. Have you heard of anything like this?
No. You can't just sign it over to the mortgage company. They don't want it and they'll only take it if they have to foreclose. So, something doesn't make sense. If you sign (ie quit claim) your interest over to someone, then you lose your interest in the property. Talk to your attorney.