Quit Claim Deed

lasims132 · Joined: 22 May 2006 Posts: 2 0.36 Dollars($)

Hi,

I signed a quit claim deed giving my ex-husband the house and land. The divorce decree states he will have one yr. to refinace and remove my name. (He tried = turned down) and if not refinanced the house must be put up for sale. (2nd yr. is here = he tried and turned down again.) I believe his debt ratio is a factor along with the fact that it is a modular on 16acres. Any advise for me to get my name off? Could the bank be forced to drop my name?

Samantha · Posted: Mon May 22, 2006 4:46 pm Post subject: quit claim

Hi,

Welcome to Mortgagefit Forums.

I don't think you can help with his situation and need to think of yourself.

As you find that he is not able to refinance the mortgage in his name it's better to take the other option mentioned in the divorce decree.

You can't force the bank to remove your name but can always request for a novation by which the mortgage can be transferred to your ex-husband's name. But that requires the approval of the bank.

If your request is turned down then, the only other way is to sell the home and get out of the debt by paying it off.

Feel free to ask if you have more doubts.

God bless you.

For MortgageFit,
Samantha

Caron

Hi,

There's no way you can force the bank to drop your name off the mortgage. Talk to your husband and find out if he is willing to go for a novation. Otherwise, the bank may call for a sale of the property in order to get back its money.

Let's hope for the best. Do let us know if you have any more queries.

Thanks,

Caron.

jerry · Posted: Mon May 22, 2006 8:28 pm Post subject: RE: Refinance or sale?

Hi Lasims,

Before you try for novation, here is something on this topic that may help you.

Thanks,
jerry

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