Posted on: 07th Apr, 2010 02:19 pm
i have been married for eleven years and am getting divorced. i am willing to give my husband our home (because i want out so bad). he states for me to just sign a quit claim deed. both of our name are currently on the note and deed of trust. if i sign this quit claim, am i still liable for the loan if he defaults? also, will the debt still show up on my credit report?
i want no financial responsibility and do not want the debt to still be showing up on my credit report or be liable for the loan.
i want no financial responsibility and do not want the debt to still be showing up on my credit report or be liable for the loan.
stacey, you need to make the property division a part of your divorce. providing him with a quit claim deed will cede your ownership of the property to him, but will have no effect at all on the underlying mortgage. a mortgage is signed forever (or until it's paid off), so your obligation to pay remains in place. the only way you can be absolved of payment responsibility is by a refinance of the mortgage.
hopefully there's sufficient equity in the home, but he'll have to visit a lender to obtain a new mortgage to pay off the current one. your lawyers ought to be able to work this out amicably, and the transfer of title can take place concurrently with the new loan.
hopefully there's sufficient equity in the home, but he'll have to visit a lender to obtain a new mortgage to pay off the current one. your lawyers ought to be able to work this out amicably, and the transfer of title can take place concurrently with the new loan.
George is correct. By you just signing a quit claim you are releasing all rights to the property as far as ownership, NOT the mortgage payment. To get off of the mortgage you will have to refinance out of it or see if your lender is willing to remove you.
