Posted on: 21st Nov, 2010 11:13 am
My husband I separated over 6 months ago in the state of Georgia. He is the only one on the mortgage loan, and I am listed on the deed. We do have a joint equity line open. I am not able to afford the home on my own and would like to just sign the quit claim to get it over with, but not sure how it would effect the equity loan since both our names are on it. I don't have any income to afford the loan as I am on disability. I don't want to ruin my credit, but the financial burden of it all is killing me. If I do sign the quit claim, would I be able to file bankruptcy on my part of the equity loan in order to get this monkey off my back?
Welcome ldypassat,
You can quitclaim your share of the property to your ex. However, he will have to refinance the equity loan in his name in order to remove you from the mortgage. Unless he does so, you'll be liable for the mortgage.
If you file bankruptcy and include the equity loan in it to get it discharged. If you do so, you won't remain liable for the loan payments.
You can quitclaim your share of the property to your ex. However, he will have to refinance the equity loan in his name in order to remove you from the mortgage. Unless he does so, you'll be liable for the mortgage.
If you file bankruptcy and include the equity loan in it to get it discharged. If you do so, you won't remain liable for the loan payments.