Compare Mortgage Quotes

Guest

My friend is in the middle of a divorce. Her attorney is pushing for her to receive the house in the marriage settlement. She has told him that she doesn't want it because she feels that she can not afford the house. Yesterday she told me she had purchased quitclaim forms so she could quitclaim the house over to her husband if the judge gives the house to her. Would this actually free her from any financial responsibility for the mortgage? Or should she do as her attorney advises--accept the house--refinance--use the equity to pay her mortgage and try to sell it in a few years when the market recovers here in Colorado?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Tricia,

Welcome to the forum.

If your frind gives quit claim after the divorce, she is stillresponsible for the loan. Only way she can get her self out of the loan woudl be either sell the house or ask the husband to refiannce after giving him the quit claim deed.

She can absolutely go with her attorney's advise and refinace, btu make sure she can show income to support the payemnt and also the house need to have some equity for her to get this done quickly and easily.

Good luck and feel free to ask

Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.

Niicss · Posted: Sun Jun 07, 2009 3:49 am Post subject:

Hi tricia

If your friend has signed the mortgage, she would be responsible for it though she signs the quitclaim deed. However, if her husband refinances the property in his name, then she will not remain liable for the mortgage dues.

If her husband is not ready to refinance, it's better that she keeps the property, refinances it and uses the equity to pay off the debts. Later on, she can sell off the property when the market improves.

Thanks

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

tricia

One thing we did nto ask?

Do you know if your frinds house has some equity or it is in the same situation as other houses?

Good luck

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

advice for my friend