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

quick claim deed in divorce

Author Message
rbedwards

Guest







Post 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?
Icon Mini Profile sara
sara
Moderator



Joined: 05 Jul 2006

Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
Post 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







Post 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







Post 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







Post 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?
Icon Mini Profile ckalvesmaki

Community Expert
Community Expert



Joined: 28 Jan 2006

Posts: 378
Location: Dallas
56.51 Dollars($)
Post 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
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 21.079 seconds.