Posted on: 15th Mar, 2010 03:25 pm
I co-own a house with my ex. If we do the quit claim to get me off the title does that mean i am no longer financially responsible for the loan?
Hi Guest!
Welcome to forums!
A quit claim deed will remove your name from the property. However, it won't help you in removing your name from the mortgage. Thus, after signing the deed, you would still be responsible for paying off the loan. If you want to remove your name from the mortgage, then you will have to ask your ex to refinance the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A quit claim deed will remove your name from the property. However, it won't help you in removing your name from the mortgage. Thus, after signing the deed, you would still be responsible for paying off the loan. If you want to remove your name from the mortgage, then you will have to ask your ex to refinance the loan.
Feel free to ask if you've further queries.
Sussane