Posted on: 09th Oct, 2009 11:25 am
my ex husband and i are still on mortgage together. in divorce decree i am giving him the house and if he refinances or sells he is to pay me half the equity. can i file quit claim deed and get my name off mortgage? what if he can't get financed?
If you give him quit claim deed, your name will be removed out of the property
But that does not remove yoru name from the mortgage. You are equally responsible for paying the loan
Twos ways to get your name off that mortgage would be, either your ex needs refinance the loan in his name or you sell the house and pay the bank
But that does not remove yoru name from the mortgage. You are equally responsible for paying the loan
Twos ways to get your name off that mortgage would be, either your ex needs refinance the loan in his name or you sell the house and pay the bank
Welcome teenabee,
If your husband cannot get the financing for the property, you would remain liable for the mortgage dues. The lender will have the rights to sue you for the debts. Moreover, in case if he defaults the loan, your credit will also be affected. So, your ex-husband should immediately refinance the property once you sign the quitclaim deed and transfer the property to him.
If your husband cannot get the financing for the property, you would remain liable for the mortgage dues. The lender will have the rights to sue you for the debts. Moreover, in case if he defaults the loan, your credit will also be affected. So, your ex-husband should immediately refinance the property once you sign the quitclaim deed and transfer the property to him.
Thats absoutley correct
If for soem reason you are husbadn has that extra money, pay off the differnce and try to see if he can refinance the loan inhis name alone
If for soem reason you are husbadn has that extra money, pay off the differnce and try to see if he can refinance the loan inhis name alone