Why use a quitclaim for house

hi unwanted divorce,

quitclaim deed is signed to transfer property from one person to another. in case of divorce, quitclaim deed can be used to give away the property interest from one spouse to another. once the property is transferred, the grantee should refinance the mortgage. this will transfer the mortgage in the name of the grantee. thus the grantor or the person who has given the property to the grantee will not be responsible for the mortgage payments anymore.

thanks

james hogg is correct in his statements.

normally, divorcing couples will work out the details of the transfer of interest in a property while negotiating the terms of the divorce. the most efficient thing to do is to require that the spouse retaining ownership obtain a new mortgage that eliminates the other from liability.

this doesn't always work, of course; so your question is one well-thought out and worthy. check with your legal counsel and ensure that this piece of your marital/divorce negotiations is addressed properly.

if i did a quickclaim did and my ex did not follow through with refinacing the home what should i do

if you signed a quit claim deed in your ex's name, then you won't have any ownership rights to the property. as your ex has refinanced the loan, it means you won't be liable for the mortgage even. in case, your ex defaults on the mortgage payments, the lender won't be able to come after you for the dues. if you want ownership rights to the property, then you will have to ask your ex to add your name to property deed by signing another quit claim deed form.

justice, i have to think that your signing of a quit claim deed was something ironed out in your divorce settlement. if that is the case, you can certainly address the situation with the court - it's possible she could be held in contempt.

of course, with the current marketplace, it may be impossible for her to refinance. is that the case at all?

My fiancee has signed over the quitclaim to the ex-husband already as decreed in their divorce agreement. However, he has not refinanced yet and has mentioned (which we have confirmed) that he wasnt obligated to refinance per the divorce agreement.

We were under the impression that the section under the Liabilities section detailing: "Husband agrees to assume responsibilities for the mortgage with (fill in the blank)" as legally binding. However, the bank we're currently talking with in regards to our new house purchase says this is not the case.

Hi Guest!

Welcome to forums!

The ex-husband has to refinance the mortgage in his name or else your fiancée will not be released from the mortgage responsibility. In that case, she won't be able to take out a mortgage in her name in future. Thus, your fiancée will have to convince the ex-husband regarding this matter.

Feel free to ask if you've further queries.

Sussane

So the section in the Liabilities section that I mentioned is not binding in the least?

Sorry for the double post. Related to this topic, the ex-husband said he is receiving a package from the bank that is called an 'Assumption of Mortgage' package. He says the bank tells him that will absolve my fiancee of all responsibility related to the mortgage. This sounds contrary to what Ive been told from here as well as from our bank. I am definitely confused at this point :(

Hi Guest,

If your husband assumes the mortgage, then you won't be liable for the mortgage any more.

Thanks

An assumption by your fiancee's former spouse will, indeed, absolve her of any obligation on that mortgage. Generally, a refinance is the way to do these things, but assumption is clearly cheaper for both the borrower and the lender, and if they (lender) are amenable to it, then that's a fine way to handle this.