Posted on: 08th Feb, 2009 08:12 am
i am in the middle of a divorce, have already agreed to let her have the house. i want my name off of the mortgage loan and be released of the responsibility of the payments. since she will get it in the settlement anyway, is there a way to take care of this now? i understand a quit claim deed only gets my name off of the title, but not out of the monthly payment. she keeps getting her attorney to put off the date, now pushed back until the end of may, and i'm stuck paying the mortgage and insurance. please advise, thanks
hi ellis,
you're right. a quitclaim deed will only remove your name off the title of the property, it will never relieve you off your financial liabilities. novation, in this case could be a very useful legal tool to take your name off the mortgage loan.
novation is actually a legal process of replacing a borrower/debtor with a new borrower or debtor who, after signing the deed, with the consent of the creditor becomes responsible for the loan payments and the old debtor, thus, can relieve himself of any further payments and liabilities. you can contact your attorney who can guide you further in this regard and prepare a novation deed in order to take your name off the loan.
you're right. a quitclaim deed will only remove your name off the title of the property, it will never relieve you off your financial liabilities. novation, in this case could be a very useful legal tool to take your name off the mortgage loan.
novation is actually a legal process of replacing a borrower/debtor with a new borrower or debtor who, after signing the deed, with the consent of the creditor becomes responsible for the loan payments and the old debtor, thus, can relieve himself of any further payments and liabilities. you can contact your attorney who can guide you further in this regard and prepare a novation deed in order to take your name off the loan.