Posted on: 04th Mar, 2009 02:36 pm
hi. i have been divorced 15 years, and in the divorce i granted him the house we had bought. maybe 5 years ago i signed the quit claim deed. in the past year he was late on pmt 5 times. this is affecting my credit. what should i do?
thanks,
dee
thanks,
dee
hi dee,
when you quitclaimed you gave up your share in the property. but this did not relieve you of loan obligations. thus, if your husband defaults your credit will be affected. i think you should have persuaded your husband to refinance the mortgage in his name once you quitclaimed it. however, you can request the lender to take your name off the mortgage as you no longer are on the title. you can also think of buying him out and then you can refinance it in your name and pay off the debt.
when you quitclaimed you gave up your share in the property. but this did not relieve you of loan obligations. thus, if your husband defaults your credit will be affected. i think you should have persuaded your husband to refinance the mortgage in his name once you quitclaimed it. however, you can request the lender to take your name off the mortgage as you no longer are on the title. you can also think of buying him out and then you can refinance it in your name and pay off the debt.