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quick claim deed in divorce

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rbedwards Guest	Posted: Mon Jan 22, 2007 8:53 pm    Post subject: quick claim deed in divorce Like 0 Dislike 0 My ex-wife lives in the home we shared however she has never refianced and I am still on the loan and deed. She is close to losing the house in a matter of days. The loan is a VA and she is wanting to do refunding with them however they want a quick claim deed sign by me before do this. Does this relief me of any fincial debt form the house and stop it from being a BIG ding in my credit?
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Mon Jan 22, 2007 9:28 pm    Post subject: RE: does quit claim offer relief from financial debt? Like 0 Dislike 0 Hi rbedwards, Welcome to the forums. You can't get away with bad credit by doing a quit claim. Neither can you get rid of financial debt from the home. If you sign a quit claim deed, you get/give away ownership interest in the house but your ex-wife's name remains on the loan. The lender should be informed about this prior to the transfer. His consent is necessary in this regard as he has an interest in the property against which he has offered the loan. Thanks, Sara
CDDevroe Guest	Posted: Wed Jan 24, 2007 1:09 pm    Post subject: Like 0 Dislike 0 Quote: Does this relief me of any fincial debt form the house and stop it from being a BIG ding in my credit? No Edwards, you are still named on the loan as it was not refinanced in your ex wife's name. As Sara said quit claim deed will only remove you from the title of the house.
george orwell Guest	Posted: Thu Jan 25, 2007 2:58 pm    Post subject: Like 0 Dislike 0 Edwards, if she is able to make the refund as you are saying then your credit will not be affected in any negative way.
outta here Guest	Posted: Fri Aug 01, 2008 12:33 pm    Post subject: house obligations Like 0 Dislike 0 hello, i have been married for 2 years and refinanced a home with my husband, so we are both on the title/loan. we are getting divorced in September. he lives in the house and i want to sign off on the house so he gets all equity. i just want my name off the house completely. what are my options for doing this? he doesn't want to refinance because interest rates are so high right now and we currently have 5.625% on the loan. what can i do?
ckalvesmaki Community Expert Joined: 28 Jan 2006 Posts: 378 Location: Dallas 56.51 Dollars($)	Posted: Fri Aug 01, 2008 2:22 pm    Post subject: Like 0 Dislike 0 You can call your current lender and see if they will modify the note removing you from it if he qualifies. Other wise he has to refi to get you off the note...... _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-9019 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states

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