Posted on: 15th Apr, 2010 03:41 pm
in case of a divorce, is a quit deed working to transfer my mortgage from my name on my wife's and all the responsabilities?she's got poor credit 604,so might not be able to refinance it or buy it from me. is it gonna affect my credit if it's working and later she will not make the payments? thank you
p.s. is there any other way to do that if this is not working?
p.s. is there any other way to do that if this is not working?
hi cosminroiban!
welcome to forums!
you won't be able to remove your name from the mortgage docs though you sign a quit claim deed. you should note that a quit claim deed only helps in transferring the property. if you want to remove your name from the mortgage documents, then you'll have to ask your wife to refinance the loan in her name. if she can't refinance, then she can check out the option of novation which is also a way to transfer mortgage from one person to another. however, with a bad credit score, her request for novation can also get rejected.
feel free to ask if you've further queries.
sussane
welcome to forums!
you won't be able to remove your name from the mortgage docs though you sign a quit claim deed. you should note that a quit claim deed only helps in transferring the property. if you want to remove your name from the mortgage documents, then you'll have to ask your wife to refinance the loan in her name. if she can't refinance, then she can check out the option of novation which is also a way to transfer mortgage from one person to another. however, with a bad credit score, her request for novation can also get rejected.
feel free to ask if you've further queries.
sussane