Posted on: 17th Nov, 2010 12:50 pm
I understand that a quitclaim transfer of my portion of ownership of our house to my ex-wife does not relieve me from responsibility of paying mortgage? Is that correct? How does one remove themselves from being a responsible party to the mortgage holder?
Hi Greg!
Welcome to forums!
Simply transferring the property to your ex-wife won't release you from the responsibility of paying the mortgage. Your ex-wife will have to refinance the mortgage in her name in order to remove your name from the mortgage docs. Once she does so, you'll be released from the liability of the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Simply transferring the property to your ex-wife won't release you from the responsibility of paying the mortgage. Your ex-wife will have to refinance the mortgage in her name in order to remove your name from the mortgage docs. Once she does so, you'll be released from the liability of the mortgage.
Feel free to ask if you've further queries.
Sussane