Posted on: 30th Nov, 2009 06:55 am
recently divorced. husband is keeping the house - and was to refinance to get my name off the home loan, paying me a portion of the equity at the end of the refinance. i am to sign a quit claim deed. my question is - in recently looking at a copy of the refinance papers - specifically the deed of trust - my name is still on the deed. so if i sign a quit claim deed - i no longer have any financial claim to the home - but if my ex quits making payments on the home - the mortgage company can come after me - right?
If your name is on the mortgage deed, then the lender can sue you for the debts if your ex quits making the payments on the home. Thus, if you sign a quit claim deed in your husband's favor, then you would not be the owner of the property but you would be responsible for the debts.
>>Thus, if you sign a quit claim deed in your husband's favor, then you would not be the owner of the property but you would be responsible for the debts.
That's inaccurate. She'd be fully responsible for the debt without any interest in the property. It's one of the worse position anybody can be in.
>>but if my ex quits making payments on the home - the Mortgage company can come after me - right?
Right.
>>I am to sign a quit claim deed
Why? It's not required in order for him to refinance the property. If I were you, I'd leave everything as it is and everything will settle down properly when your ex refinances into his name.
That's inaccurate. She'd be fully responsible for the debt without any interest in the property. It's one of the worse position anybody can be in.
>>but if my ex quits making payments on the home - the Mortgage company can come after me - right?
Right.
>>I am to sign a quit claim deed
Why? It's not required in order for him to refinance the property. If I were you, I'd leave everything as it is and everything will settle down properly when your ex refinances into his name.
