Posted on: 20th Jan, 2010 03:59 pm
My husband and I recently divorced as ot 1/7/10. We are going thru limbo, not quite Foreclosure and not quite short sale, we went thru an FHA loan and low and behold my Ex wants to do a loan mod on the house, so he wants me to sign off on a quit-claim deed..so what about all my h ardwork and money I also put into the home, can he buy me out, pay some sort of $$ if this loan mod goes thru???
Hi eycittadino,
If your name and your husband's name are on the mortgage, then both of you will have to apply for a loan modification with the lender. Signing a quitclaim deed will not help you in removing your name from the mortgage. It will only help you in removing your name from the property deed. If you do not want the ownership of the property, you can ask your husband to buy you out and then you can sign the deed. If you want to remove your name from the mortgage, then your husband will have to refinance the loan in his name.
If your name and your husband's name are on the mortgage, then both of you will have to apply for a loan modification with the lender. Signing a quitclaim deed will not help you in removing your name from the mortgage. It will only help you in removing your name from the property deed. If you do not want the ownership of the property, you can ask your husband to buy you out and then you can sign the deed. If you want to remove your name from the mortgage, then your husband will have to refinance the loan in his name.
adonis...thanks for the info, really needed it. so let me get this straight, so by signing the quit claim deed, it will only remove me from the property deed? but not my name from the mortgage? so will i have to pay out any $$for his loan modification...or like you said, how much could i ask for my husband to buy me out for??? he said there is no way in hell he would buy me out, he said he owes me nothing...is this true legally?? he said he can talke me to court so he can avoid buying me out...help!! adonis!!