Posted on: 18th Aug, 2010 09:31 am
my wife and i are getting a divorce and she is moving to europe, if she signs a quit claim deed after the settlement will this remove her from responsibility
from the mortgage balance? i hope it does because i want to retain the property but she is afraid that she can still be held liable for the debt if i were to fail to make payments?
from the mortgage balance? i hope it does because i want to retain the property but she is afraid that she can still be held liable for the debt if i were to fail to make payments?
Quote:
If she signs a quit claim deed after the settlement will this remove her from responsibility
Firstly let me clarify your doubt that just by signing a quitclaim deed you will not be able to get free from the mortgage payments on the property.
Quitclaim deed is only transferring the names of the deed and not on the mortgage so the person who is quit claiming the property is not transferring the mortgage outright to next person.
In order to get the mortgage transfer the new owner should be eligible for the refinance of the mortgage.
Quote:
I want to retain the property but she is afraid that she can still be held liable for the debt if I were to fail to make payments?
Surely she will be liable for the payment on the mortgage if you do not continue with the payments.But you need to check with the mogration expert as she is planning to leave the country.
DIPA
If she signs a quit claim deed after the settlement will this remove her from responsibility
Firstly let me clarify your doubt that just by signing a quitclaim deed you will not be able to get free from the mortgage payments on the property.
Quitclaim deed is only transferring the names of the deed and not on the mortgage so the person who is quit claiming the property is not transferring the mortgage outright to next person.
In order to get the mortgage transfer the new owner should be eligible for the refinance of the mortgage.
Quote:
I want to retain the property but she is afraid that she can still be held liable for the debt if I were to fail to make payments?
Surely she will be liable for the payment on the mortgage if you do not continue with the payments.But you need to check with the mogration expert as she is planning to leave the country.
DIPA