Posted on: 10th Mar, 2009 12:43 pm
my ex and i are paying 1/2 of house payments on the marital home. neither of us live in the home and we have not been able to sell. the payments are causing my debt to spiral out of control and i need to turn the house over to my ex. is a quit claim deed an option? can i still retain a percentage of the proceeds if/when it sells? if the house does not sell, i intend on letting my ex have total tax write/offs when property is converted to rental. what are my options under both scenerios? thanks!
hi aje,
if you want to turn the house over to your husband, you can surely sign a quitclaim deed to give up your interest in the property. but once you give up your property-share you cannot claim a percentage of the proceeds when it sells.
however, just signing the deed won't relieve you of your debts. once your husband gets the title he needs to refinance it in his name to remove you from mortgage. if you quitclaim, your husband will be entitled to the tax write/offs when property is converted to rental.
if you want to turn the house over to your husband, you can surely sign a quitclaim deed to give up your interest in the property. but once you give up your property-share you cannot claim a percentage of the proceeds when it sells.
however, just signing the deed won't relieve you of your debts. once your husband gets the title he needs to refinance it in his name to remove you from mortgage. if you quitclaim, your husband will be entitled to the tax write/offs when property is converted to rental.