Posted on: 19th Nov, 2010 08:07 am
i have been divorced and not living in our house for 3 years now. i've been trying to get her to refinance but it hasn't happened. do i benefit by submitting a quit claim? does it protect my credit? what if something were to happen to my ex wife or she walks away from the house, i would still have responcibilty for the mortgage and no right to the house correct? last question is, is there any benefit to submit quitclaim if she doesn't refinance? thank you. this site has answered many questions already.
Hi Jkelly1311,
Welcome to mortgage fit,
Firstly your quitclaim deed won't protect your credit.....if you are on mortgage and if your ex fails to pay the monthly payments then surely it will hurt your credit....
So at this moment, you can just wait till the time your ex becomes eligible to refinance on its own...
I will not advice you to quitclaim the deed because if she fails to pay the monthly payments then you are left nowhere.
Feel free to ask any further query if you have.........
DIPA
Welcome to mortgage fit,
Firstly your quitclaim deed won't protect your credit.....if you are on mortgage and if your ex fails to pay the monthly payments then surely it will hurt your credit....
So at this moment, you can just wait till the time your ex becomes eligible to refinance on its own...
I will not advice you to quitclaim the deed because if she fails to pay the monthly payments then you are left nowhere.
Feel free to ask any further query if you have.........
DIPA
Thank you for clearing that up. I had heard quit claim can protect credit. But I do have more questions! Now my ex wants to short sale. She has been up to date on her payments thus far (thank god). Can she short sale without my approval? Also, she is an has been really pressing me to submit quit claim. Is that so she can do what she wants with our house without me having any leverage? I obviously don't want her to short sale. Is me not signing a quit claim allowing me to have "leverage" in this matter?
Hi Jkelly1311,
welcome to mortgage fit,
Surely without your involvement she can not be able to pursue the short sale ..So if she is ready for short sale then it could be lot easier for her to save her credit...As she is current on the mortgage it will be lot more difficult to convince the lender for short sale...So In my opinion you should help her to pass this stage and make sure the home is headed towards short sale as it is beneficial for both lender as well as borrower.....
First process in the short sale is to write a hardship letter to lender..here is the link which gives you further information regarding 'how to write a hardship letter.'
http://www.mortgagefit.com/problems/hardship-letter.html
Feel free to ask any further query if you have..........
DIPA
welcome to mortgage fit,
Surely without your involvement she can not be able to pursue the short sale ..So if she is ready for short sale then it could be lot easier for her to save her credit...As she is current on the mortgage it will be lot more difficult to convince the lender for short sale...So In my opinion you should help her to pass this stage and make sure the home is headed towards short sale as it is beneficial for both lender as well as borrower.....
First process in the short sale is to write a hardship letter to lender..here is the link which gives you further information regarding 'how to write a hardship letter.'
http://www.mortgagefit.com/problems/hardship-letter.html
Feel free to ask any further query if you have..........
DIPA