Posted on: 03rd Mar, 2009 08:03 pm
my ex husband and i bought a home 9 years ago and then we divorced 5 years ago. my ex still lives in the home, but i am still 1/2 owner of the property. so if he ever sells the house i will get 1/2 the equity. i just found out he hasn't paid the mortgage in 4 months!!!! will a quit claim deed protect me in case he loses the house?
Hi Annette,
A quitclaim deed can help you transfer your share in the property to your ex-husband, but it cannot transfer your loan liability. If you are on the mortgage and your husband defaults and the property goes into foreclosure, your credit will get badly affected. You can request the lender to take your name off the mortgage once you quitclaim the property to him. You can also try and buy out your ex and then pay off the mortgage, if you think you can afford it.
A quitclaim deed can help you transfer your share in the property to your ex-husband, but it cannot transfer your loan liability. If you are on the mortgage and your husband defaults and the property goes into foreclosure, your credit will get badly affected. You can request the lender to take your name off the mortgage once you quitclaim the property to him. You can also try and buy out your ex and then pay off the mortgage, if you think you can afford it.
"Will a Quit Claim Deed protect me in case he loses the house?
"
surely quit claim will protect you and your credit score. but you need to analyze it at what cost you are protecting yourself?
If you have invested your money in the property which is more than 1/2 of the current market price then surely you are loosing the amount.
but you need to understand one more thing that in this case if you have money better you get quit claim signed from your ex. pay the mortgage and again rent this property to him or whoever is the perfect person. from that rent you can pay some of the money towards the mortgage installment.
:wink:
"
surely quit claim will protect you and your credit score. but you need to analyze it at what cost you are protecting yourself?
If you have invested your money in the property which is more than 1/2 of the current market price then surely you are loosing the amount.
but you need to understand one more thing that in this case if you have money better you get quit claim signed from your ex. pay the mortgage and again rent this property to him or whoever is the perfect person. from that rent you can pay some of the money towards the mortgage installment.
:wink:
quit claim will go nowhere in protecting you from a legal action. who is on the promissory note of this mortgage? are you a borrower? if so, you are 100% liable for payments, regardless of your living circumstances; regardless of your intent; regardless of your desires.
manoj...what kind of nonsense are you talking about? your last paragraph has no relevance to the question that annette asked. not only that, it doesn't make a lick of sense, either.
manoj...what kind of nonsense are you talking about? your last paragraph has no relevance to the question that annette asked. not only that, it doesn't make a lick of sense, either.
