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grumpynat · Joined: 18 Nov 2009 Posts: 1 1.40 Dollars($)

I'm contemplating a divorce, live in Arizona, and both my husband and I are on the mortgage and HELOC. If he signs a quit claim deed can I get him removed from the mortgage with proof of divorce? Also, the HELOC is in both of our names with myself as the primary. I just went through a bankruptcy and reaffirmed the loan in the bankruptcy so would I be able to remove his name from that as well? Currently, I am the primary breadwinner so he cannot afford the house by himself.

On the other hand, if I don't want the house, can I remove myself from the mortgage and HELOC by signing a quit claim deed myself? How would that affect the HELOC since it was reaffirmed in my bankruptcy? Would I still be liable for the HELOC even if i relinquish all of my rights to the property?

Thank you...

gmakerley · Posted: Wed Nov 18, 2009 9:33 am Post subject:

all of the gyrations you describe above will not remove anyone from a mortgage or heloc. in order for someone to be "off" a loan, that loan would have to cease to exist, i.e. you or he would need to refinance.

there is a process called novation, which removes a person's obligation, but my opinion is that this process is as archaic as avocado-colored appliances. in this current economic time, a lender would have to be quite foolish to allow a novation, just as we'd all be foolish to buy an avocado-colored refrigerator.

gmakerley · Posted: Wed Nov 18, 2009 9:33 am Post subject:

and for all you younger folk, avocado was a very popular color for appliances back in the day. we never did figure out why that was the case.

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divorce/quit claim deed/mortgage