Posted on: 12th Sep, 2011 05:53 pm
Wife has a issue playing cards, so am going to get her to sign a quick claim deed and then file for divorce. At this point she agrees because of her issue, is there any down side to doing this?
this is more of a legal question than a mortgage question.
and whether you are in a community property state will impact the answer
my advice: contact a real estate attorney
and whether you are in a community property state will impact the answer
my advice: contact a real estate attorney
Hi Mort!
Welcome to forums!
If your wife signs the quitclaim deed and transfers the property to you, then you will become the sole owner of the property. If both of you are co-borrowers of the mortgage, then you will have to refinance the mortgage in your name in order to release your wife from the liability for paying the loan. I don't think there is any downside of doing this.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your wife signs the quitclaim deed and transfers the property to you, then you will become the sole owner of the property. If both of you are co-borrowers of the mortgage, then you will have to refinance the mortgage in your name in order to release your wife from the liability for paying the loan. I don't think there is any downside of doing this.
Feel free to ask if you've further queries.
Sussane
