Posted on: 01st Feb, 2010 09:25 pm
i am divorced with a quit claim deed signed over to me and to be recorded once i pay off my ex-wife's fixed equity interest. i have a mortgage, can i sign over my equity interest to another family member? i.e. my 3 children or my mom?
Hi henry,
You are now a legal owner of the property as a quitclaimed deed has been signed over to you. As an owner, you can sign over your share of the equity in the property to whoever you like. But the problem is you have a mortgage on the property and even if you sign over the title through a quitclaim deed, you will still be responsible for the mortgage debt. You will remain liable for the loan even though you will be left with no interest in the property after signing the quitclaim deed.
You are now a legal owner of the property as a quitclaimed deed has been signed over to you. As an owner, you can sign over your share of the equity in the property to whoever you like. But the problem is you have a mortgage on the property and even if you sign over the title through a quitclaim deed, you will still be responsible for the mortgage debt. You will remain liable for the loan even though you will be left with no interest in the property after signing the quitclaim deed.
Thank you for the response. The QCD has not yet been recorded to me yet as it's being held in trust with my divorce attorney until my ex-wife's equity is paid to her in full. The market has not allowed the sale of the house. So in the meantime, I would like to protect my equity share of the property from future creditors as soon as possible. I am the only one on the mortgage note and have no problem retaining that responsibility. Will I need my ex-wife to sign the new QCD or can I do this on my own?
hi,
the quitclaim deed has not been recorded yet and it is held in a trust. you'll not get full ownership of the property until you pay off your ex-wife's equity in full. therefore, you'll not be able to quitclaim your interest in the property to your family members at this point in time. if you want to bear the responsibility of the mortgage, it's fine. whoever you sign over the property to, will not have to refinance the loan. but, before you transfer the property, you need to have the ownership in your name. you'll have to wait till your wife's equity is paid off in order to be able to get the ownership in your name. nevertheless, i'd suggest you to consult your divorce attorney.
the quitclaim deed has not been recorded yet and it is held in a trust. you'll not get full ownership of the property until you pay off your ex-wife's equity in full. therefore, you'll not be able to quitclaim your interest in the property to your family members at this point in time. if you want to bear the responsibility of the mortgage, it's fine. whoever you sign over the property to, will not have to refinance the loan. but, before you transfer the property, you need to have the ownership in your name. you'll have to wait till your wife's equity is paid off in order to be able to get the ownership in your name. nevertheless, i'd suggest you to consult your divorce attorney.
Thank you very much for your responses. Great Information..