Posted on: 01st Dec, 2009 05:55 pm
I just recently got seperated from my husband. We were in the process of doing loan modification but I do not want to keep the home. When we purchased the home, they ran my credit to qualify but only his name appears on the loan and when I run my credit nothing shows up but I am on the title. Can i remove myself with a quitclaim deed? What if he starts going into foreclosure before...will the bank come after me if i'm on the title even if we're seperated?
What if I remove myself with quickclaim deed before?
Hi Frances,
You can use a quit claim deed in order to remove your name from the property deed. As your name is not on the mortgage, the lender will not be able to sue you for the deficient balance if the property is foreclosed upon.
You can use a quit claim deed in order to remove your name from the property deed. As your name is not on the mortgage, the lender will not be able to sue you for the deficient balance if the property is foreclosed upon.
A quit claim deed will not remove her from the mortgage if the mortgage is already recorded. tt will remove her from title but not he prior mortgage and she can still be subject to foreclosure action.