Posted on: 21st Nov, 2007 09:33 pm
it has been six months since my divorce has been finalized and i am still being tormented by my x. against my will and countless battles and wasted legal fees my attorneys have advised me to sign the seperation agreement in where it states my wife would be granted the house under the terms she would have my name off the title in six months.dont get me wrong i dont want the house and hoped she could keep it but this is a women who has not worked in 11 years and has very bad credit including bankrupcies i was worried about her missing payments and being unable to find a mortgage co to refinance with.well here we are my once 720 credit score is down to a 610 because she has missed payments and made late payments.my attorneys tell me that i will be held harmless because i sighed a quick claim form, the mortgage co. has a completley different look at this situation they want their money and will continue to report any late or missed payments to the credit agencies.by me signing this quick claim form hold me harmless for the debt? help!!!!
hello bjcinct,
your attorney is not correct. a quit claim will only transfer the ownership rights and not the financial liabilities.
the mortgage shall continue to be in your name if your wife doesn't refinance it in her name. and your lender may not do this if her credit does not allow. your credit will be affected if she keeps on making late payments since you are on the loan.
it is really disappointing to see that you were misguided. didn't you talk to your lender before transferring the deed? because they require the same person to be on the loan as well as on the deed, and any changes in this should be done with their consent.
you should talk clearly to your lender immediately and see if there's a way out. apart from refinance, you may try to do a novation to remove your name from the mortgage, but that too depends on your lender.
your attorney is not correct. a quit claim will only transfer the ownership rights and not the financial liabilities.
the mortgage shall continue to be in your name if your wife doesn't refinance it in her name. and your lender may not do this if her credit does not allow. your credit will be affected if she keeps on making late payments since you are on the loan.
it is really disappointing to see that you were misguided. didn't you talk to your lender before transferring the deed? because they require the same person to be on the loan as well as on the deed, and any changes in this should be done with their consent.
you should talk clearly to your lender immediately and see if there's a way out. apart from refinance, you may try to do a novation to remove your name from the mortgage, but that too depends on your lender.
Hi Bjcinct,
Welcome to this forum.
I agree with Jenkin. Quitclaim does not remove your name from the loan; it will only remove your name from the deed. Before signing the quitclaim deed you should have asked your wife to refinance to remove your name from the mortgage.
You should consult with your wife ASAP and ask her to remove your name from the mortgage by refinancing. Now Jenkin I would like to say that for the refinance or novation, not only the lender's consent is required but his wife must agree for that. If his wife does not agree to refinance or to do novation, it does not matter whether the lender is agree to do it or not as bjcinct has signed a quitclaim deed.
Thanks,
Larry
Welcome to this forum.
I agree with Jenkin. Quitclaim does not remove your name from the loan; it will only remove your name from the deed. Before signing the quitclaim deed you should have asked your wife to refinance to remove your name from the mortgage.
You should consult with your wife ASAP and ask her to remove your name from the mortgage by refinancing. Now Jenkin I would like to say that for the refinance or novation, not only the lender's consent is required but his wife must agree for that. If his wife does not agree to refinance or to do novation, it does not matter whether the lender is agree to do it or not as bjcinct has signed a quitclaim deed.
Thanks,
Larry