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toyamwashington · Joined: 18 May 2006 Posts: 1 0.12 Dollars($)

I am on a mortgage loan and title of a house but my partner was not. We have since decided it is in my best interest not to have the house anymore. My partner decided to put in a quick claim and let someone else move in the home. Am I still responsible for the mortgage or taxes on the house?

blue · Posted: Thu May 18, 2006 10:30 am Post subject:

Hi,

Now you need to understand that transfer of the title and mortgage are two entirely different matters.

Through a quit claim deed you can transfer your interest in the house to some other person but that will have no effect on the mortgage and you will still be held responsible for it.

To remove your name off the mortgage you need to go for a novation or refinance the mortgage in the new owner's name.

Consult an attorney to guide you in the process so that all the matters can be dealt efficiently.

Blue

Guest

My husband and I are getting a divorce and I am looking to do a quit deed because I don't want to refinance with the rates so high. I have a great rate. By doing so can I have something put in the decree making him not responsible or liable for the house at all?

Samantha · Posted: Thu May 18, 2006 12:30 pm Post subject:

Hi,

Welcome to Mortgagefit Forums.

I can understand your problem in refinancing with higher rates. An alternative to refinancing is going for a novation under the approval of your lender. Check the discussion we had yesterday to understand a little more on novation.

This will help you to get rid of the junk fees required in refinancing. You need to talk to your lender and discuss with him on the process. But don't forget to take suggestions from your divorce attorney while you go for settling the matters.

I think that will help your requirement. Feel free to ask if you have any more queries.

God bless you.

For MortgageFit,
Samantha

Guest

I am divorced and living in a different state then my property. I would like to quick claim my property over to my ex husband. Can creditors attach the home after my name is no longer on it? Is doing a quick claim deed easy? Thanks !!!

Niicss · Posted: Thu May 25, 2006 8:47 pm Post subject: RE

Hi

Quit claim deed is not that hard I mean the whole process the way most people think. The whole process is very simple and easy but it is always advisible to initiate the whole process under some lawyer or attorney supervision.

Caron · Posted: Thu May 25, 2006 8:50 pm Post subject: RE:

Hi Guest,

Welcome to the forums.

Creditors cannot attach the home after your name is taken off the property. But if you are thinking of transferring your property to your ex-husband, it is better that you do a title deed which will allow you to transfer the title. Whereas, with a quit claim deed you can only transfer your portion of interest in the property to your ex.

A quit claim deed or a title deed isn't that tough; all you have to do is to approach an attorney who deals in all such deeds. He will guide you for further course of action.

Thanks,

Caron.

Guest

My husband loaned a friend money for his motorcycle. This person wants us to file a quick claim on his house in order to get the money he owes us. This person is shady and not holding up his part of the bargin in repaying us.

savior70 · Posted: Tue Nov 10, 2009 3:51 am Post subject:

Hi Pam,

If the person is not paying you, you can take legal action against him for violation of the terms of the loan agreement. If he wants to quitclaim his property to you, you can take over the ownership of the property and sell it off to recover your loan amount, if required. But before taking the property ownership, you must also check if there exist any mortgages or other debt obligations on the property and if you will become responsible for them.

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