Posted on: 19th Oct, 2010 06:41 pm
My son and wife live in Austin and are getting a divorce. They are separated and both own a house, but my son can no longer keep up with his share of payments. Can he use a Warranty deed or quitclaim to sign over his half of the property enabling him to walk away from it? What is the best, but least expensive way for him to do this?
hi dabrinkman,
your son can transfer the property to his wife by using a quit claim deed. but this won't release him from the liability of paying off the mortgage. if there is a mortgage default, the lender can come after him to recover the dues. after he transfers the property, the wife should refinance the mortgage which will make her solely responsible for the loan payments.
thanks
your son can transfer the property to his wife by using a quit claim deed. but this won't release him from the liability of paying off the mortgage. if there is a mortgage default, the lender can come after him to recover the dues. after he transfers the property, the wife should refinance the mortgage which will make her solely responsible for the loan payments.
thanks