Posted on: 17th Oct, 2007 10:44 am
My ex-wife and I have been divorced for 4 years now. My name is still on the mortgage. My new wife wants me off that house. My ex-wife owes my $35,000 in equity upon the sale of the house or our youngest turns 18. Will a quitclaim deed be of any service to me, or will it release my ex-wife of owing the money she owes me? Will this remove my name from the mortagage?
Hi Alions,
If you quitclaim the house to your ex-wife, you will not be able to get the money from its sale. This is because when you quitclaim the house, it no longer remains yours; it becomes totallly your ex-wife's property.
However, if you can draft the deed involving a money transfer worth the equity when you quitclaim, then your ex-wife has to pay you the required amount.
The transfer through a quitclaim is simply conveying property-interest to someone; it does not involve a transfer of the loan. To remove your name from the loan, you need to request the ex-wife so that she refinances the loan in her name.
Take Care
If you quitclaim the house to your ex-wife, you will not be able to get the money from its sale. This is because when you quitclaim the house, it no longer remains yours; it becomes totallly your ex-wife's property.
However, if you can draft the deed involving a money transfer worth the equity when you quitclaim, then your ex-wife has to pay you the required amount.
The transfer through a quitclaim is simply conveying property-interest to someone; it does not involve a transfer of the loan. To remove your name from the loan, you need to request the ex-wife so that she refinances the loan in her name.
Take Care