Posted on: 09th Sep, 2009 05:33 pm
I'm not married, but I bought a home with the fiance two years ago. We are no longer together. He wants to keep the house, and I don't have a problem with that. It sounds like a quitclaim would not remove me from the loan but I'm not sure if it would absolve me of financial responsibilities if he were to lose control and let it go into foreclosure, and if it would appear on my credit report. It is unlikely that he would let that happen but who knows. How much would it cost to have an attorney help me with this? And can this be done if the mortgage is behind?
hi knbn!
welcome to forums!
a quitclaim deed will help you in removing your name from the property deed. however, you would still be liable for the mortgage dues. in order to remove your name from the mortgage, your fiance will have to refinance the loan. you will be able to sign the quitclaim deed though you have defaulted your mortgage but your fiance would not be able to refinance the loan in his name. as far as the cost of filing quitclaim deed is concerned, it would vary from state to state.
feel free to ask if you've further queries.
sussane
welcome to forums!
a quitclaim deed will help you in removing your name from the property deed. however, you would still be liable for the mortgage dues. in order to remove your name from the mortgage, your fiance will have to refinance the loan. you will be able to sign the quitclaim deed though you have defaulted your mortgage but your fiance would not be able to refinance the loan in his name. as far as the cost of filing quitclaim deed is concerned, it would vary from state to state.
feel free to ask if you've further queries.
sussane