Posted on: 03rd May, 2010 08:32 am
my daughter and her boyfiend purchased a home together about 3 years ago. they are now breaking up. he wants his name off the mortgage. i have suggested to them that he sign a quit claim deed. he feels that if he does this, with his name still on the mortgage, it will still show up on his credit and he will not be approved for loans in the future. he also wants to get into an apartment and feels this would cause him to be denied. his aunt works for bank and says the only way to get this mortage off his credit would be to get his name off the mortgage. any advice?
Hi jmpogo!
Welcome to forums!
It is correct that signing a quit claim deed will only remove your daughter's boyfriend from the property deed. It will not remove his name from the mortgage. In order to remove his name from the mortgage, your daughter will have to refinance the loan in her name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is correct that signing a quit claim deed will only remove your daughter's boyfriend from the property deed. It will not remove his name from the mortgage. In order to remove his name from the mortgage, your daughter will have to refinance the loan in her name.
Feel free to ask if you've further queries.
Sussane