Posted on: 06th Jul, 2010 04:49 am
i am just divorced and ordered to provide a quit claim deed to former spouse. the first and second mortgage are in my name only. is she able to continue living in the home? does she have to pay off the mortgages? is she able to sell the home? also, i found a buyer and have signed a contract for them to purchase the home. do we both have to sign the contract? currently, the deed is in both our names. once the quit claim deed is executed and i am no longer able to pay the mortgages what will happen?
Hi wfdisantis!
Welcome to forums!
Are both your names mentioned on the property deed? If yes, then you will require her signatures when you plan to sell the property. However, you have mentioned that the court has ordered you to transfer the property to your former spouse. In that case, you'll have to transfer the property to her and make her the sole owner of the property. Once she becomes the sole owner of the property, she will be able to stay in it. She needs to refinance both the loans in order to release you from the mortgage liability. Once she refinances the loan, you won't be liable for the mortgage dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Are both your names mentioned on the property deed? If yes, then you will require her signatures when you plan to sell the property. However, you have mentioned that the court has ordered you to transfer the property to your former spouse. In that case, you'll have to transfer the property to her and make her the sole owner of the property. Once she becomes the sole owner of the property, she will be able to stay in it. She needs to refinance both the loans in order to release you from the mortgage liability. Once she refinances the loan, you won't be liable for the mortgage dues.
Feel free to ask if you've further queries.
Sussane