Posted on: 18th Oct, 2009 04:41 pm
if i divorce an do a quik claim deed on our house. can i buy anther house and not be on mortgage of old house. i did a quick claim deed on.
nope
whenyou do quit claim deed all you are doing is the ownership of the property to soem other person
but that does nto mena that the loan you took to buy the house also gets transfered to that person.
the second person need to refinance the loan in his or her name for you to be out of the loan
whenyou do quit claim deed all you are doing is the ownership of the property to soem other person
but that does nto mena that the loan you took to buy the house also gets transfered to that person.
the second person need to refinance the loan in his or her name for you to be out of the loan
Welcome Guest,
As Sunny has said, transferring property through a quitclaim deed does not mean that you are transferring the mortgage to the other person. It only means that you are transferring your interests in the property to someone else. Once the other person refinances the loan in his/her name, you would be free from the liability of the mortgage. Then you can purchase a property of your own and not be on the mortgage of the old house.
As Sunny has said, transferring property through a quitclaim deed does not mean that you are transferring the mortgage to the other person. It only means that you are transferring your interests in the property to someone else. Once the other person refinances the loan in his/her name, you would be free from the liability of the mortgage. Then you can purchase a property of your own and not be on the mortgage of the old house.