Posted on: 04th Nov, 2010 06:41 am
my husband and i got divorced and we are now in the middle of the house process. both he and i have agreed to let him have the house and responsibility. my question is this though, when i hand over the quit claim deed i understand it takes away all of my rights to the house/property etc., but if he chooses not to pay for the house when it is said and done, am i still responsible for it? or does signing this form get rid of all of anything to do with the house, including credit stuff?
hi maureen!
welcome to forums!
if your husband does not refinance the mortgage after you sign the property deed in his favor, you'll remain liable for the mortgage dues. thus, if he fails to pay off the dues on time, the lender can come after you to recover the dues. the non-payment of the dues will have a negative affect on your credit report and will also lower your score.
feel free to ask if you've further queries.
sussane
welcome to forums!
if your husband does not refinance the mortgage after you sign the property deed in his favor, you'll remain liable for the mortgage dues. thus, if he fails to pay off the dues on time, the lender can come after you to recover the dues. the non-payment of the dues will have a negative affect on your credit report and will also lower your score.
feel free to ask if you've further queries.
sussane