Posted on: 12th Apr, 2008 02:08 pm
I HAVE ABOUT $30,000 IN CREDIT CARD DEBT. I HAVE BEEN MARIED OVER 40 YEARS. WE ARE BUYING A HOME WHICH HAS ABOUT $80,000 EQUITY. CAN I DO A QUICK CLAIM DEED ON OUR HOME SO IF I DIE SHE WILL NOT BE RESPONSIBLE FOR MY CREDIT CARD DEBT
Bennie, a quitclaim deed will not help in this case. A deed can only add/remove someone from the title but dies not transfer or remove someone from the debt. Why don't you consolidate the debt instead. or is it possible for you to afford a loan which will help you buy the home as well as pay off the cc debt?
hi bennie,
welcome to the forum.
you can quitclaim the home to your wife buy as it is a mortgaged property your wife will have to refinance the mortgage on her name. you will also have to inform the lender before quitclaiming the deed.
mac_7 has pointed out a good point that you should try to consolidate your debt and pay it off.
feel free to ask if you have any further questions
best of luck,
larry
welcome to the forum.
you can quitclaim the home to your wife buy as it is a mortgaged property your wife will have to refinance the mortgage on her name. you will also have to inform the lender before quitclaiming the deed.
mac_7 has pointed out a good point that you should try to consolidate your debt and pay it off.
feel free to ask if you have any further questions
best of luck,
larry
One does not inherit debt. Your assets will be used to satisfy the debts. Your assets (if you are in a community property state) are 1/2 of the house equity ~$40k. So, your wife would end up with 1/2 the equity no matter what.
Quitclaiming the house will lead to the other issues mentioned above.
Why don't you sell the property and pay off the credit card debt?
Quitclaiming the house will lead to the other issues mentioned above.
Why don't you sell the property and pay off the credit card debt?
My Father-in-law let his POA put a mortgage on his home. She in turn went with him to do a quick deed on it ,with my husband on the deed.
When my father-in-law dies, what happens to the home? Who would be responsible for the loan he took out on it?
When my father-in-law dies, what happens to the home? Who would be responsible for the loan he took out on it?
Hi Donna!
As far as I can understand, your husband is not on the mortgage. If he is not on the mortgage, he will not be liable for the mortgage. But as he is on the title of the deed, he can claim his rights in the property.
Thanks.
As far as I can understand, your husband is not on the mortgage. If he is not on the mortgage, he will not be liable for the mortgage. But as he is on the title of the deed, he can claim his rights in the property.
Thanks.