Posted on: 24th May, 2010 05:00 pm
My husband and I are contemplating divorce. We own a home together. He wants to leave and quit claim the home to me. Must I be able to qualify for the total loan amount for this to happen? Also, does the quit claim release him from any liability to the home.
Thank you.
Thank you.
Hi Eva!
Welcome to forums!
Your husband can sign a quit claim deed and transfer the property to you. This will make you the owner of the property. However, it won't release your husband from the mortgage. In order to release him from the mortgage, you will have to refinance the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your husband can sign a quit claim deed and transfer the property to you. This will make you the owner of the property. However, it won't release your husband from the mortgage. In order to release him from the mortgage, you will have to refinance the loan.
Feel free to ask if you've further queries.
Sussane