Posted on: 01st Dec, 2010 09:30 am
I'm recently divorced and my ex-wife wants me to sign over the quit claim so she can get me off the mortgage. Is that true? I've heard from various sources that it only transfers the ownership but I still am on the hook for the mortgage. I feel like she is going to possibly file bankruptcy and leave me with the 700,000 note. She hasn't made a payment since August and I'm still on the mortgage and my credit is spiraling downward. Please advise?
Hi Ian!
Welcome to forums!
It is true that a quitclaim deed will only transfer the property ownership to your ex-wife. Once you transfer the property to her, she will have to refinance the mortgage in her name. Once she does so, then you will be released from all your responsibilities towards the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is true that a quitclaim deed will only transfer the property ownership to your ex-wife. Once you transfer the property to her, she will have to refinance the mortgage in her name. Once she does so, then you will be released from all your responsibilities towards the mortgage.
Feel free to ask if you've further queries.
Sussane