remove name out from the deed and title

jojowong1 · Joined: 04 Nov 2009 Posts: 1 1.40 Dollars($)

My husband and I bought a investment house in FL. The mortgage name is under my husband. But, the title and deed with both name. My husband did not pay the mortgage for 2 months and we assume to be foreclosure soon. But, I'm very concern of my credit as I need good credit to run my business. My question, can I
save my credit If I file a quit claim deed to remove my name out from both deed and title? other than record fee, Is there any transfer tax involve? What's the best way for me to save my credit.

raymond · Posted: Wed Nov 04, 2009 5:26 pm Post subject:

>>can I save my credit If I file a quit claim deed to remove my name out from both deed and title?

You're not on the Note, so your credit won't be impacted. You don't have to do anything. But your husband's credit is going to get destroyed.

Guest

Understand my credit won't be impacted. If the property will be foreclosure, a)What my husband has to do or prepare? b) what's foreclosure procedure and how long it will take? c) What others that he has to aware other than credit issue? Please advise. thanks

raymond · Posted: Mon Nov 30, 2009 11:01 am Post subject:

>>What my husband has to do or prepare?

Inform your tenants if applicable. But wait until you know more from your Lender. No sense worrying them but you'll also want to give them adequate notice.

>>what's foreclosure procedure and how long it will take?

I used to be able to answer that, but not anymore. There are so many foreclosures around the country, every courtroom is backed up. Your Lender will start the process by sending you a Notice of Default. One of my clients told me Florida has a foreclosure moritorium, but haven't confirmed it.

>>What others that he has to aware other than credit issue?

He'll be responsible for taxes if the Lender receives less then the amount he owed them.

Guest

Hi Raymond,

Thank you for your information. That's say my husband walk a way on his property and let banker to foreclosure.

After foreclosure, Will lender claim my husband in his life for the short amount of $200,000 from his or ours join bank acct or from ours other properties. (example : outstanding loan amount $450,000 with foreclosure amount of $250,000.

raymond · Posted: Mon Nov 30, 2009 11:35 am Post subject:

I don't know - but Loan Modification folks do. So lets hope one of them reads them and provides an answer.

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