Posted on: 09th Feb, 2009 08:39 pm
Recently Seperated.
I understand that if I did a quickdeed claim with my husband he will have the house and I will have the loan? He nor I can buy out the other and the lender will not re-finance in his name only. I really don't want any part of the house or the loan. If I did a quickclaim deed could he do a quick claim with his sister so that she will have the property in in her name? Also, if he decides to sale the home for less than it is worth would I owe the remainder of the loan? Can he sale it without my consent if we did a quickdeed? Both of our names are on the loan.
thanks so much
I understand that if I did a quickdeed claim with my husband he will have the house and I will have the loan? He nor I can buy out the other and the lender will not re-finance in his name only. I really don't want any part of the house or the loan. If I did a quickclaim deed could he do a quick claim with his sister so that she will have the property in in her name? Also, if he decides to sale the home for less than it is worth would I owe the remainder of the loan? Can he sale it without my consent if we did a quickdeed? Both of our names are on the loan.
thanks so much
hi luvsweets,
it seems, only your name appears on the title to the property while both of your names are on the loan. you don't want any part of the house or the loan. i think you can quitclaim the property to your husband, who in turn can quitclaim it to his sister. this will take your name off the title. now, that doesn't take your name off the mortgage. to get rid of the mortgage liability, you can take help of novation, which can transfer your mortgage obligations to your husband. he, then, can refinance to pay off the mortgage.
coming back to your question whether your husband can sell the home without your consent if you quitcliam it to him, the answer is yes, he can. the reason for this is that you quitclaim you're actually giving up your interest in the property and transferring it to him.
it seems, only your name appears on the title to the property while both of your names are on the loan. you don't want any part of the house or the loan. i think you can quitclaim the property to your husband, who in turn can quitclaim it to his sister. this will take your name off the title. now, that doesn't take your name off the mortgage. to get rid of the mortgage liability, you can take help of novation, which can transfer your mortgage obligations to your husband. he, then, can refinance to pay off the mortgage.
coming back to your question whether your husband can sell the home without your consent if you quitcliam it to him, the answer is yes, he can. the reason for this is that you quitclaim you're actually giving up your interest in the property and transferring it to him.