Posted on: 03rd Sep, 2010 11:35 am
hi there. i have been asked to sign a quit claim deed by my ex boyfriend to a mortgage i co-signed with him several years ago. he is attempting to keep the house and has claimed that the only way he can do this is to have me sign a quit claim deed. he states that fannie mae has told him this is his only option moving forward if he wants to eventually assume/refin on his own in the future.
i am aware that a quit claim removes my rights but not my responsibilities. right now, i am responsible for the loan anyway as they will not remove my name. if this may be some forward movement toward him being able to eventually secure his own loan, i'll sign. thoughts?
i am aware that a quit claim removes my rights but not my responsibilities. right now, i am responsible for the loan anyway as they will not remove my name. if this may be some forward movement toward him being able to eventually secure his own loan, i'll sign. thoughts?
hi guest!
welcome to forums!
it is true that your ex-boyfriend will be able to refinance the loan in his name once he has sole ownership of the property. if you sign the quitclaim deed now, you would remain liable for the loan but cannot claim ownership of the property. in my opinion, it would be better you can sign the deed at the closing of mortgage refinance. this will help you in transferring the ownership of the property and you won't be liable for the dues a well.
feel free to ask if you've further queries.
sussane
welcome to forums!
it is true that your ex-boyfriend will be able to refinance the loan in his name once he has sole ownership of the property. if you sign the quitclaim deed now, you would remain liable for the loan but cannot claim ownership of the property. in my opinion, it would be better you can sign the deed at the closing of mortgage refinance. this will help you in transferring the ownership of the property and you won't be liable for the dues a well.
feel free to ask if you've further queries.
sussane