Posted on: 22nd Feb, 2007 08:19 am
i recently got divorced and in the divorce decree it stated that i would be able to keep the home, but needed to remove my ex husband's name from the house. do i need to refinance the house or can i have him only sign a quit claim deed? will that remove him from the loan of the house? thanks
I did a quit claim deed with my grandmother, but she still owes about 60 thousand on the house. Would I be able to legally rent or sell the house since we did the quit claim deed?
"I did a quit claim deed with my grandmother" is not very clear Erica, using the deed someone can be made co-owner or the whole ownership can be transferred.
If your grandmother transferred ownership of the house over to you using the quit claim deed then you can sell it but lender should be informed about it. The lender would require the loan to be paid off from the proceeds of the sale.
On the other hand if you are now co-owner with your grandmother then for selling the house her consent will be required.
Daley
If your grandmother transferred ownership of the house over to you using the quit claim deed then you can sell it but lender should be informed about it. The lender would require the loan to be paid off from the proceeds of the sale.
On the other hand if you are now co-owner with your grandmother then for selling the house her consent will be required.
Daley
Hi Nlr,
"Do I need to refinance the house or can I have him only sign a Quit Claim Deed?"
Your ex husband will be required to transfer the property to you and for that a quit claim deed can be used. But you will have to get the mortgage refinanced in your name. Quit claim deed will only transfer the property in your name but the mortgage will remain in your ex husband's name (I am assuming only he was on the loan).
David
"Do I need to refinance the house or can I have him only sign a Quit Claim Deed?"
Your ex husband will be required to transfer the property to you and for that a quit claim deed can be used. But you will have to get the mortgage refinanced in your name. Quit claim deed will only transfer the property in your name but the mortgage will remain in your ex husband's name (I am assuming only he was on the loan).
David
Welcome NLR,
If you want your ex-husband's name to be taken off the title, you should have him sign the quitclaim deed. But this will not remove him from the loan. His obligation to repay the loan will continue to exist.
If you want to take your ex-husband's name off the loan, then the loan needs to be refinanced in your name.
If you want your ex-husband's name to be taken off the title, you should have him sign the quitclaim deed. But this will not remove him from the loan. His obligation to repay the loan will continue to exist.
If you want to take your ex-husband's name off the loan, then the loan needs to be refinanced in your name.