Posted on: 22nd Jan, 2007 07:53 pm
My ex-wife lives in the home we shared however she has never refianced and I am still on the loan and deed. She is close to losing the house in a matter of days. The loan is a VA and she is wanting to do refunding with them however they want a quick claim deed sign by me before do this. Does this relief me of any fincial debt form the house and stop it from being a BIG ding in my credit?
hi rbedwards,
welcome to the forums.
you can't get away with bad credit by doing a quit claim. neither can you get rid of financial debt from the home.
if you sign a quit claim deed, you get/give away ownership interest in the house but your ex-wife's name remains on the loan.
the lender should be informed about this prior to the transfer. his consent is necessary in this regard as he has an interest in the property against which he has offered the loan.
thanks,
sara
welcome to the forums.
you can't get away with bad credit by doing a quit claim. neither can you get rid of financial debt from the home.
if you sign a quit claim deed, you get/give away ownership interest in the house but your ex-wife's name remains on the loan.
the lender should be informed about this prior to the transfer. his consent is necessary in this regard as he has an interest in the property against which he has offered the loan.
thanks,
sara
"Does this relief me of any fincial debt form the house and stop it from being a BIG ding in my credit?"
No Edwards, you are still named on the loan as it was not refinanced in your ex wife's name. As Sara said quit claim deed will only remove you from the title of the house.
No Edwards, you are still named on the loan as it was not refinanced in your ex wife's name. As Sara said quit claim deed will only remove you from the title of the house.
Edwards, if she is able to make the refund as you are saying then your credit will not be affected in any negative way.
hello,
i have been married for 2 years and refinanced a home with my husband, so we are both on the title/loan. we are getting divorced in September. he lives in the house and i want to sign off on the house so he gets all equity. i just want my name off the house completely. what are my options for doing this? he doesn't want to refinance because interest rates are so high right now and we currently have 5.625% on the loan. what can i do?
i have been married for 2 years and refinanced a home with my husband, so we are both on the title/loan. we are getting divorced in September. he lives in the house and i want to sign off on the house so he gets all equity. i just want my name off the house completely. what are my options for doing this? he doesn't want to refinance because interest rates are so high right now and we currently have 5.625% on the loan. what can i do?
You can call your current lender and see if they will modify the note removing you from it if he qualifies. Other wise he has to refi to get you off the note......
