Posted on: 17th Feb, 2008 08:19 pm
My son is going thru a divorice. He has signed a quick claim deed per his ex-wifes attorney. Does this transfer financial responsibility in case of her selling, or foreclosure to her. Is his credit affected. And will he be held financially responsible in the future?
Hi Victoria,
Welcome to the forums.
Since your son has already quitclaimed, therefore, he need not have any responsibility regarding the property except that if his name is on the loan, then he needs to pay it off. His credit will also not be affected if he quitclaims.
Take Care
Welcome to the forums.
Since your son has already quitclaimed, therefore, he need not have any responsibility regarding the property except that if his name is on the loan, then he needs to pay it off. His credit will also not be affected if he quitclaims.
Take Care
Title and mortgage responsibility are separate. A quitclaim deed will remove any responsibility for the property for the things you state. However, if he is still liable on the mortgage, he may be responsible for that.
