Posted on: 08th Dec, 2009 04:50 pm
my wife and i are getting divorced and we agreed that i can keep the house. i was told that through quit claim deed that she would no longer have an interest in in home and that her name could be removed from the mortgage and also that she would be clear and free and that it would no longer show up on her credit report. is this correct?
cj
cj
hi asenath,
your wife can sign a quit claim deed and transfer the property to you. this will help her remove her name from the property deed. however, you need to refinance the loan in your name. once you refinance, her name would be removed from the mortgage docs. thus, she would be free from all the obligations towards the property and it would no longer show on her credit report.
your wife can sign a quit claim deed and transfer the property to you. this will help her remove her name from the property deed. however, you need to refinance the loan in your name. once you refinance, her name would be removed from the mortgage docs. thus, she would be free from all the obligations towards the property and it would no longer show on her credit report.
your refinance transaction and the transfer of ownership of the property ought to take place concurrently. it's typical that you'd be buying out her interest, and that buyout could be arranged in tandem with the refinance.
we've read far too many posts here in which the party retaining the home did not refinance, thereby creating extreme stress for the other party when trouble arose, such as delinquency, etc.
we've read far too many posts here in which the party retaining the home did not refinance, thereby creating extreme stress for the other party when trouble arose, such as delinquency, etc.
