Posted on: 31st Oct, 2009 02:34 pm
I signed a quit claim over to my ex-wife this year, so that she could refinace into her name, and drop me from the loan.... she has failed to do so.... now Its like my credit is on hold.... Is there a way out for me??
you didn't have to sign a quit claim in order for her to refinance it into her name. the regular refinance process would have resulted in her being on title exclusively. you would have had to sign some disclosures, to let everybody know it was okay with you, but the only time a quit claim is necessary is when an investor requires it, and even then the quit claim is signed immediately before the final loan documents are signed.
now you're in the worse position you can be in, because if she dies, her heirs inherit the property, and you're without the house and stuck with having to pay the mortgage obligation. you need to get quit claimed back on title, and then have her go through the normal refinance process.
now you're in the worse position you can be in, because if she dies, her heirs inherit the property, and you're without the house and stuck with having to pay the mortgage obligation. you need to get quit claimed back on title, and then have her go through the normal refinance process.