Posted on: 26th May, 2011 02:41 pm
mother and father purchased a condo for son and new wife to live in, only to have them divorced one year later. son has been struggling to get the mortgage payed for three years now and wants out asap. is a quit claim deed an option to make the son responsible for any and all losses financially and in respect to credit?
Who ever is on the loan, will stay as person liable for the debt. People can be added or removed from title, but not on the loan. You would have to sell or refi the home to remove anyone from the loan. Try to rent the home if its upside down.
Hi Guest,
A quitclaim deed will only remove the son from the property deed. It won't remove him from the mortgage. The wife needs to refinance the mortgage in her name in order to remove him from the mortgage docs.
Thanks
A quitclaim deed will only remove the son from the property deed. It won't remove him from the mortgage. The wife needs to refinance the mortgage in her name in order to remove him from the mortgage docs.
Thanks
Honestly, we don't know who is the owner of the home to begin with. As stated, though, quit claiming one's interest in property simply removes ownership interest; if that person is obligated on the underlying mortgage, that obligation continues until the loan is paid in full.
