Posted on: 19th Oct, 2007 08:34 pm
Hi,
My husband and I are splitting up and everything was going well until I found out that this deed does not take my name off the house! I am wondering since I am not wanting to hurt my credit score and have nothing to do with the loan anymore, is this deed a good idea to sign?
My husband and I are splitting up and everything was going well until I found out that this deed does not take my name off the house! I am wondering since I am not wanting to hurt my credit score and have nothing to do with the loan anymore, is this deed a good idea to sign?
it is ok to sign as long as you can get your name off the mortgage. if you accept a quit claim and you ex cannot refinance you will still be responsible for his mortgage.
you will have to give him full ownership however for him to be able to refinance. so you are in a catch 22.
what i recommend is not signing anything until closing of his new mortgage. the title company or attorney handling his refinance should be able to do the quitclaim and his closing all at the same time. that way you know that by signing you are also taking away your responsibility to the mortgage at the same time (but not anytime sooner).
so to summarize don't sign anything until you know for sure the mortgage is going through. as i said above i would wait until the actual day that he closes. if this is not an option for him then a mortgage probably isn't either.
good luck
you will have to give him full ownership however for him to be able to refinance. so you are in a catch 22.
what i recommend is not signing anything until closing of his new mortgage. the title company or attorney handling his refinance should be able to do the quitclaim and his closing all at the same time. that way you know that by signing you are also taking away your responsibility to the mortgage at the same time (but not anytime sooner).
so to summarize don't sign anything until you know for sure the mortgage is going through. as i said above i would wait until the actual day that he closes. if this is not an option for him then a mortgage probably isn't either.
good luck
Hello Ashlee,
A quit claim will simply take you out of the title of the property, but if you are on the mortgage, you will still be responsible for that.
Your husband has to refinance the loan in his name so that you are completely released from any kind of obligation.
A quit claim will simply take you out of the title of the property, but if you are on the mortgage, you will still be responsible for that.
Your husband has to refinance the loan in his name so that you are completely released from any kind of obligation.
Hi,
I think what you are trying to say is that; your name is on the title and the mortgage also. So, if you transfer the deed to your ex-husband, it will not help you any way because then also, you have to payback your share of mortgage interest. You should only sign the deed, if your ex-husband agrees to refinance it and pay off the mortgage to clear your name from it.
With best wishes,
Larry
I think what you are trying to say is that; your name is on the title and the mortgage also. So, if you transfer the deed to your ex-husband, it will not help you any way because then also, you have to payback your share of mortgage interest. You should only sign the deed, if your ex-husband agrees to refinance it and pay off the mortgage to clear your name from it.
With best wishes,
Larry