Posted on: 12th Sep, 2009 09:16 am
I would like to know when a couple is separated, when the husband and wife signs a quick claim deed to get the husbands name completely off the property and the loan will the quick claim get the husbands name of the loan for the house. Will the wife be completely responsible for the loan payment each month and could the equity for the house come out to the husband? Please be specific in your answer. Mack Phillips
phil.
mortgage & poerty ownership are two different aspects.
by signing quit claim deed one can transfer ownership right of property to others.
mortgage has to be refinanced by new owner. & you need to ensure that new owner is taking full ownership of mortgage. otherwise it can demage your cashflow in future
mortgage & poerty ownership are two different aspects.
by signing quit claim deed one can transfer ownership right of property to others.
mortgage has to be refinanced by new owner. & you need to ensure that new owner is taking full ownership of mortgage. otherwise it can demage your cashflow in future
phil.
welcome to the mortgage forum.
quit claim deed can not state that mortgage is also transferred in the name of new property owner.
welcome to the mortgage forum.
quit claim deed can not state that mortgage is also transferred in the name of new property owner.
check the details here
http://www.mortgagefit.com/search/quitclaim-deed.html
http://www.mortgagefit.com/search/quitclaim-deed.html
Hi phil,
Signing a quitclaim deed will not remove a person's name from the mortgage docs. In order to remove the husband's name from the property deed, the wife will have to refinance the loan. Once this is done, the wife will become responsible for the loan.
Signing a quitclaim deed will not remove a person's name from the mortgage docs. In order to remove the husband's name from the property deed, the wife will have to refinance the loan. Once this is done, the wife will become responsible for the loan.