Posted on: 05th Mar, 2009 07:21 pm
i purchased a home with my daughters mother. we are not married, but she needed a cosigner in order to get approved for the morgage. i no longer live there but the morgage and property is in both our names. so if i do a quit deed sign over will i just be signing the property over to my daughters mother, and have no rights to the property. will i still be responsibe for the morgage.
hi dutch,
if you sign a quitclaim deed it will relinquish you of your rights to the property, but will not transfer your loan responsibilities. in order to take your name off the mortgage, your daughter's mother needs to refinance it only in her name. you can also consider the option of a novation agreement, subject to the lender's approval.
if you sign a quitclaim deed it will relinquish you of your rights to the property, but will not transfer your loan responsibilities. in order to take your name off the mortgage, your daughter's mother needs to refinance it only in her name. you can also consider the option of a novation agreement, subject to the lender's approval.
Just quit claim won't suffice to relieve your responsibilities towards the mortgage loan.Rather it will just pass on the rights to another person whereas responsibility lies with the same person whose name is there on the mortgage. :arrow: