Posted on: 26th May, 2010 12:05 pm
i am going to have to default on my second mortgage, in order to stay current with my first mortgage to be able to stay in my house. i am the only one that is on the loan, not my husband. does anyone think its a good idea to quitclaim the property to just me? his credit is fine from this mess since i am the only one on the loan.
Welcome ranstr,
You can ask your husband to sign a quit claim deed and transfer the property to you. However, you should note that as your husband's name is not on the mortgage deed, his credit will not get affected if you default on the mortgage payments.
You can ask your husband to sign a quit claim deed and transfer the property to you. However, you should note that as your husband's name is not on the mortgage deed, his credit will not get affected if you default on the mortgage payments.
Hi Ranstr,
It is not clear why you want to quitclaim the property in your name? As you are the only one responsible for the mortgage even if you are default on mortgage payments your husband's credit will not be affected. If you want to transfer the property then tell your husband to sign a quitclaim deed and transfer the property in your name.
It is not clear why you want to quitclaim the property in your name? As you are the only one responsible for the mortgage even if you are default on mortgage payments your husband's credit will not be affected. If you want to transfer the property then tell your husband to sign a quitclaim deed and transfer the property in your name.