Posted on: 20th Jul, 2010 06:30 pm
I received a quitclaim from my husband giving me full ownership of our MI home nearly 20 years ago. Since then we have had many refinances of our home. The mortgage states both our names as "borrowers" and I have signed those documents however, I'm not on the loan application and am not responsible for paying the note. If we divorce, does the house belong to me alone and is he responsible for the note?
Hi Guest,
If the property deed mentions you as the owner of the property, then you would be responsible for it. However, if the mortgage docs mention you as a borrower of the loan, then you are equally liable for the loan as your husband. In case of a divorce, you would be responsible for the property as well as the loan. You can refinance the mortgage again and remove your husband from the loan docs and release him from the liability of paying the loan.
Thanks
If the property deed mentions you as the owner of the property, then you would be responsible for it. However, if the mortgage docs mention you as a borrower of the loan, then you are equally liable for the loan as your husband. In case of a divorce, you would be responsible for the property as well as the loan. You can refinance the mortgage again and remove your husband from the loan docs and release him from the liability of paying the loan.
Thanks