Posted on: 14th Apr, 2009 11:24 am
I am trying to get out of the house, my wife wants to sell the house and I am okay with that. My name only is on the mortgage loan and both our names are on the deed. I am willing to walk away from the house which she wants to sell, but I am reluctant in signing off the deed as I am concerned that she could sell the house and I would still be stuck with the loan. But wouldn't the loan still have to be paid to the bank before the house could be sold?
The mortgage is a lien against the property and would have to be paid off before the new buyer would get a clear title. Talking your name off the deed does not mean that you are no longer responsible for the mortgage - you would be until the loan is paid off in full.
hi
karla is right. even if you release your property-interest, you'll still be responsible for the loan. if you want yourself off the loan, your wife needs to refinance it in her name. the loan will have to be paid off before you can actually sell the house.
karla is right. even if you release your property-interest, you'll still be responsible for the loan. if you want yourself off the loan, your wife needs to refinance it in her name. the loan will have to be paid off before you can actually sell the house.
Thank-you very much, this does help. I know I would still be responsible for the loan, but just wanted to make sure that the house could not be sold without it being settled through the bank first.
You are very welcome, if there is anything else you need, just let us know.
Hi ostandconfused,
It is true that a deed, quitclaim or warranty, does not transfer any financial obligations. It is also true that you need to pay off the loan first inorder to sell the house. Have you talked with your lender regarding this?
It is true that a deed, quitclaim or warranty, does not transfer any financial obligations. It is also true that you need to pay off the loan first inorder to sell the house. Have you talked with your lender regarding this?
No I have not, guess my next trip will be to my lender.