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 Posted: Sat Aug 22, 2009 7:41 am Post subject: quit claim question |
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Can a quit claim protect the credit of one party if both parties are on the mortgage loan? In other words, my husband and I are both on the loan and the title, if I quit claim the title to him, will that protect my credit if we decide to short sale the house? Additionally, will they allow a quit claim without a divorce or separation? And if not, does the divorce or separation have to be legally filed?
Thanks,
In AZ
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 gmakerley
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Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
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| Posted: Sat Aug 22, 2009 7:57 am Post subject: |
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well...if you quit claim title to your husband, you are still obligated on the note. whatever you do with that home and that mortgage will still affect you, either favorably or adversely.
a quit claim deed can be used in many circumstances; divorce/separation need not be part of it. i don't think you can have a divorce without a legal filing; separarations do take place without filings, of course.
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