Posted on: 01st Jun, 2010 09:30 am
my husband and i are divorcing and he's staying in the house. he doesn't have the credit to purchase on his own, so we agreed to a lease purchase. the mortgage is in my name and the title in both. he wants me to sign a quit deed to put title in his name only. is this legal?
Hi jbell,
If you sign a quit claim deed and transfer the property to your husband, then you won't remain the owner of the property any longer. However, the loan will remain in your name and you would be responsible for the payments if your husband defaults the payments. Once the property is transferred, the lender will want your husband to refinance the loan or he may call the loan due immediately.
Thanks
If you sign a quit claim deed and transfer the property to your husband, then you won't remain the owner of the property any longer. However, the loan will remain in your name and you would be responsible for the payments if your husband defaults the payments. Once the property is transferred, the lender will want your husband to refinance the loan or he may call the loan due immediately.
Thanks