Posted on: 19th Mar, 2009 03:10 pm
my husband and i are separated and he is having financial problems with his business. i don't want to get pulled under with him, so if i sign a quit claim deed will that release me of any liability on our mortgage ?
Hi diane,
By signing a quitclaim deed you can only give up your claim on the property. This will not transfer your mortgage liability. To get your name off the mortgage, your husband needs to get it refinanced in his name. You can also request the lender to take your name off it.
By signing a quitclaim deed you can only give up your claim on the property. This will not transfer your mortgage liability. To get your name off the mortgage, your husband needs to get it refinanced in his name. You can also request the lender to take your name off it.
Thank you for the information. I have another question...
We own property together that we paid cash for . Can I sign a quitclaim on that property which will make him the sole owner, or is it that simple?
We own property together that we paid cash for . Can I sign a quitclaim on that property which will make him the sole owner, or is it that simple?
diane, you can certainly quit claim your interest on the "cash-bought" property to your husband. yes, it is that simple.
