Posted on: 23rd Dec, 2009 10:38 am
hi,
my husband wants a divorce. both of our names are on the mtg and the deed to our condo. if he signs a quit claim deed, will i have to advise the bank that holds the mtg? if so will i have to apply for the mtg in my own name and incur closing costs again?
my husband wants a divorce. both of our names are on the mtg and the deed to our condo. if he signs a quit claim deed, will i have to advise the bank that holds the mtg? if so will i have to apply for the mtg in my own name and incur closing costs again?
hi lorettaciuffo,
if your husband signs a quit claim deed in your favor, you will become the sole owner of the property. it is better to inform the lender about the ownership change and refinance the mortgage in your name. while you refinance the mortgage, you will be responsible for the closing costs. once you complete the whole procedure, you will become the sole owner of the property.
if your husband signs a quit claim deed in your favor, you will become the sole owner of the property. it is better to inform the lender about the ownership change and refinance the mortgage in your name. while you refinance the mortgage, you will be responsible for the closing costs. once you complete the whole procedure, you will become the sole owner of the property.