Posted on: 20th Feb, 2007 01:24 pm
within 2-3 months i am going to divorce, my husband wants to keep the house to which i do not have any problem but there is a mortgage on which i am also named. husband wants me to sign a quit claim deed for the house, my question is if i sign the deed will the mortgage will also get in his name with the property or will i have to keep paying?
hi leslie,
quit claim deed can be used for transferring ownership of the house over to your husband but as you are a co-borrower on the mortgage you will remain liable to make the payments. i will advice you that until your husband agrees to refinance the mortgage in his own name don't transfer the property to him.
quit claim deed can be used for transferring ownership of the house over to your husband but as you are a co-borrower on the mortgage you will remain liable to make the payments. i will advice you that until your husband agrees to refinance the mortgage in his own name don't transfer the property to him.
"my question is if I sign the deed will the mortgage will also get in his name with the property or will I have to keep paying?"
Leslie, with the property transfer mortgage does not get transferred. Quit claim will only help in transfer of ownership of the house. As Mayhew said the mortgage will need to be refinanced in your husband's name.
Leslie, with the property transfer mortgage does not get transferred. Quit claim will only help in transfer of ownership of the house. As Mayhew said the mortgage will need to be refinanced in your husband's name.
Hi Leslie,
Welcome to our forums.
You will have to keep paying for the home loan even though you sign on the quitclaim deed.
You should also inform the lender that you will be conveying your interest in property. Let him know about the transfer prior to signing on the deed.
You may ask your husband to refinance the loan in his name. In this way you can get your name off the loan in case you wish to do so. Or else, you can choose to transfer the loan in his name legally at the approval of the lender.
Thanks,
Caron.
Welcome to our forums.
You will have to keep paying for the home loan even though you sign on the quitclaim deed.
You should also inform the lender that you will be conveying your interest in property. Let him know about the transfer prior to signing on the deed.
You may ask your husband to refinance the loan in his name. In this way you can get your name off the loan in case you wish to do so. Or else, you can choose to transfer the loan in his name legally at the approval of the lender.
Thanks,
Caron.