Posted on: 29th Feb, 2008 10:49 am
My divorce finalized in November of last year, i left my name on the house but now am afraid that he will take me to court if i don't help pay on the mortgage. Will a quick claim deed help me and if so does he have to sign the paperwork?
hi,
welcome to the forum.
you can quitclaim the property but you should ask him to take the mortgage on his name only by refinancing the mortgage so that you are removed from the mortgage obligation. talk to your lender and take consent before quitclaiming the property.
if your husband does not agree to refinance and take the mortgage on his name then i think you should not quitclaim the property because in that case you will still be on the mortgage.
feel free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
you can quitclaim the property but you should ask him to take the mortgage on his name only by refinancing the mortgage so that you are removed from the mortgage obligation. talk to your lender and take consent before quitclaiming the property.
if your husband does not agree to refinance and take the mortgage on his name then i think you should not quitclaim the property because in that case you will still be on the mortgage.
feel free to ask if you have any further questions.
best of luck,
larry
Reilly,
Is your ex-spouse on the loan or the both of you? A quitclaim will help you take name off the title but not the loan. Refer to http://www.mortgagefit.com/discuss/about2007.html .
Is your ex-spouse on the loan or the both of you? A quitclaim will help you take name off the title but not the loan. Refer to http://www.mortgagefit.com/discuss/about2007.html .
yes both of us are on the loan. I have tried to get him to refinance but he can't get lending on his own because of his credit.
Ok I understand but a quitclaim deed won't help you in any way if you want to get out of the loan.
If your name has been on the loan, then it is your responsiblity to pay for the loan. Now that you haven't try to convince your ex to sell off the property so that you can pay off the loan entirely and then you can divide extra proceeds, if any, amongst yourselves. But this will depend more on how the market is going on in your area and how homes are selling.
If your ex can't get a refinance loan in his name, then to keep the home either you pay or you be the cosigner to the new loan. In such a case, you need not pay at regular intervals but your credit and income will be used to offer him the loan. However, if he defaults, you will have the responsibility to either pay or leave the home to be taken away by the lender.
Considering all these, if he agrees to sell property, that's the best I suppose.
If your name has been on the loan, then it is your responsiblity to pay for the loan. Now that you haven't try to convince your ex to sell off the property so that you can pay off the loan entirely and then you can divide extra proceeds, if any, amongst yourselves. But this will depend more on how the market is going on in your area and how homes are selling.
If your ex can't get a refinance loan in his name, then to keep the home either you pay or you be the cosigner to the new loan. In such a case, you need not pay at regular intervals but your credit and income will be used to offer him the loan. However, if he defaults, you will have the responsibility to either pay or leave the home to be taken away by the lender.
Considering all these, if he agrees to sell property, that's the best I suppose.