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does a quit claim deed absolve you from mortgage liability i

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mhowe180 Joined: 13 Jul 2008 Posts: 1 1.40 Dollars($)	Posted: Sun Jul 13, 2008 7:03 pm    Post subject: does a quit claim deed absolve you from mortgage liability i Like 0 Dislike 0 does a quit claim deed absolve you from mortgage liability in the state of Florida. I'm getting a divorce and I wish to sign the house over to my wife. We both are on the mortgage and I wanted to know if I use a quit claim deed to sign over the house will I still be liable for the mortgage???? And if so how do I do we do it so I'm not liable???? I live in Florida is there diffrences in this state compared to others?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Jul 13, 2008 9:45 pm    Post subject: Like 0 Dislike 0 Welcome Mhowe, The quitclaim cannot absolve you from home loan payments; you will still be responsible for the mortgage. Know more from http://www.mortgagefit.com/discuss/about2007.html . _________________ Procrastination is the enemy of your financial success
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Sun Jul 13, 2008 11:33 pm    Post subject: Like 0 Dislike 0 No absolutely not. The only way to get off the mortgage is to pay it off. She can refinance into her name only otherwise you are on there until is paid. Good Luck Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
JC1122 Guest	Posted: Wed Sep 02, 2009 3:32 pm    Post subject: WHAT ABOUT THIS? Like 0 Dislike 0 What if the situation is a little different. My grandfather got a mortgage in his name and a condo in both our names. Before he was put in a nursing home, we quick claimed the condo to myself. I was never on the mortgage loan, so since he is no longer on the deed and i was never on the mortgage what is my liability and what happens to the condo if he doesnt pay the mortgage even though he doesnt technically own it?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Sep 02, 2009 11:55 pm    Post subject: Like 0 Dislike 0 Hi JC! Welcome to forums! Though your grandfather technically doesn't own the property, he owns the mortgage on it. The lender will have the right to foreclose the property if the mortgage payments are not made. However, if the lender forecloses the property, your credit won't be affected as your name is not on the mortgage docs. If you want to stop the foreclosure process, you can contact the lender and refinance the loan in your name. Feel free to ask if you've further queries. Sussane
Form Script Guest	Posted: Mon Oct 04, 2010 8:25 pm    Post subject: form builder Like 0 Dislike 0 last week our group held a similar talk about this subject and you illustrate something we haven't covered yet, thanks. - Laura

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