Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

What is a quick claim deed

Author Message
Jan

Guest







Post Posted: Sat Mar 03, 2007 4:51 pm    Post subject: What is a quick claim deed
Like 0
Dislike 0

My soon to be ex-husband wants me to sign a quick claim deed. Will this take my name off of the house loan? What are the risks if I agree to this? Please help me out. He wants me to do this right now!!! What is he up too?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Sat Mar 03, 2007 10:15 pm    Post subject:
Like 0
Dislike 0

Welcome Jan,

When you sign a quitclaim deed, your name will be taken off the title to the property. The loan document will still have your name.

The risk is that you lose your interest in the property. You will no longer be able to own your part of property or sell it or offer it for rent.

As him to explain your properly why he wants you to sign the deed. Do not sign anything in paper until and unless you are fully convinced that it will not harm you.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile mcole
mcole
Community Expert
Community Expert

best lender badge

Joined: 11 Oct 2006

Posts: 53

18.36 Dollars($)
Post Posted: Sun Mar 04, 2007 7:58 am    Post subject:
Like 0
Dislike 0

Greetings Jan,

As has been indicated, signing a quitclaim would transfer any interest or ownership you may have in the property over to your ex-husband. It would NOT take your name off the loan.

So, you would still be liable for the loan, but you would have no interest in the property.

I would be very cautious, and recommend speaking to an attorney before signing anything.

Good luck!
Cool

_________________
Loans: Investors, Residential, Commercial - All States
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.077 seconds.