Posted on: 26th May, 2011 04:57 pm
through divorce settlement, x keeps house with me on title with right of survivorship. Mortgage higher than value.
I want to quitclaim to avoid responsibility of foreclosure, taxes, etc.
I want to quitclaim but I will still be on loan.
How to I remove myself entirely from loan and house?
Thank you much, May you be rewarded for your advice.
I want to quitclaim to avoid responsibility of foreclosure, taxes, etc.
I want to quitclaim but I will still be on loan.
How to I remove myself entirely from loan and house?
Thank you much, May you be rewarded for your advice.
hi guest,
you can sign a quitclaim deed and transfer the property to your ex-spouse. once you do so, your spouse will have to refinance the loan in order to remove you from the mortgage. but as the property does not have equity in it, it won't be possible for him to refinance the mortgage.
thanks
you can sign a quitclaim deed and transfer the property to your ex-spouse. once you do so, your spouse will have to refinance the loan in order to remove you from the mortgage. but as the property does not have equity in it, it won't be possible for him to refinance the mortgage.
thanks
congratulations, freebird. unfortunately, not everyone in the lending world will honor novation, but it's nice to see you succeeded.
the only way in which to "remove" oneself from being obligated on a loan is for the other party to obtain a new mortgage, refinancing to pay off the existing loan.
a quit claim deed merely eliminates the ownership interest in the property, but has no effect at all on the underlying debt.
the only way in which to "remove" oneself from being obligated on a loan is for the other party to obtain a new mortgage, refinancing to pay off the existing loan.
a quit claim deed merely eliminates the ownership interest in the property, but has no effect at all on the underlying debt.
