Posted on: 27th Oct, 2008 11:45 am
Hello,
I'm in the process to file for a divorce and want to give my ex my share of the house. Will a quick claim release me from all interests and responsibilities from this house? Will I have to continue making payments after I record this claim? I guess what I want to know is can I legally walk away from this house and will it hurt my credit if she defaults on the loan?
Bob
I'm in the process to file for a divorce and want to give my ex my share of the house. Will a quick claim release me from all interests and responsibilities from this house? Will I have to continue making payments after I record this claim? I guess what I want to know is can I legally walk away from this house and will it hurt my credit if she defaults on the loan?
Bob
hello bobby,
i am assuming that the mortgage loan is in your name currently (and possibly her's as well) - so if you quit claim your 'interest" in the property to your ex, and your ex does not refinance the mortgage into her name only, then yes, you are still responsible to pay the mortgage "bill". yes, if she defaults on the mortgage loan (while it is still in your name) it will hurt your credit.
let us know if you still have questions.
good luck. :d
i am assuming that the mortgage loan is in your name currently (and possibly her's as well) - so if you quit claim your 'interest" in the property to your ex, and your ex does not refinance the mortgage into her name only, then yes, you are still responsible to pay the mortgage "bill". yes, if she defaults on the mortgage loan (while it is still in your name) it will hurt your credit.
let us know if you still have questions.
good luck. :d
Hi Bobby!
Welcome to forums!
Quitclaiming the property in your ex's name will only give her the right to the property. However, she will be required to refinance the mortgage in her name. Only then your name will be removed from the mortgage. If she does not refinance the mortgage, you will be responsible for paying it. If she defaults, the lender may ask you to pay the mortgage. In case, she files bankruptcy or the property goes for foreclosure, your credit will also be affected as hers.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Quitclaiming the property in your ex's name will only give her the right to the property. However, she will be required to refinance the mortgage in her name. Only then your name will be removed from the mortgage. If she does not refinance the mortgage, you will be responsible for paying it. If she defaults, the lender may ask you to pay the mortgage. In case, she files bankruptcy or the property goes for foreclosure, your credit will also be affected as hers.
Feel free to ask if you have further queries.
Sussane
