Posted on: 21st Jan, 2010 06:19 am
If a quit claim is done by a husband to pay off his ex-wife's portion of the property of which she is due and the ex-wife lives in the state of Florida and the property is in Pennsylvania, does the quit claim have to be signed and notorized in the state where the property is or can the husband go down to florida and have her sign the quit claim there and have it notorized?
>>if a quit claim is done by a husband to pay off his ex-wife's portion of the property
a quit claim won't accomplish that goal unless your ex has the cash to give you. he'll need to refinance the property to generate the cash he'll need to pay you off.
another reason the quit claim is a bad idea is because it'll leave you on the mortgage. if he ever misses a mortgage payment, your credit will be destroyed. you'll go down harder then that if he screws up and the house goes into foreclosure.
and yet another reason is because it'll effect your dti ratio, so you won't be able to qualify for another mortgage on your own (because you'll still be responsible and liable for your ex's mortgage).
the only good way to protect yourself is to have him refinance the property into his own name.
a quit claim won't accomplish that goal unless your ex has the cash to give you. he'll need to refinance the property to generate the cash he'll need to pay you off.
another reason the quit claim is a bad idea is because it'll leave you on the mortgage. if he ever misses a mortgage payment, your credit will be destroyed. you'll go down harder then that if he screws up and the house goes into foreclosure.
and yet another reason is because it'll effect your dti ratio, so you won't be able to qualify for another mortgage on your own (because you'll still be responsible and liable for your ex's mortgage).
the only good way to protect yourself is to have him refinance the property into his own name.