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Posted: Thu Jan 25, 2007 1:46 pm Post subject: Quitclaim Deed

My husband and I are divorced and we are having a hard time selling the home. He wants to refinance and take my name off the house. How can that be done? I mean getting my name off the property and the Mortgage loan. Is it possible to get out of the mortgage and turn it over to him.

blue · Posted: Thu Jan 25, 2007 2:08 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

If the lender allows then your husband will be able to get the mortgage refinanced in his name. But before that the lender will require the home title to be transferred in his name. You can use a quit claim deed to transfer your share of house interest over to him. After which he will refinance the loan in his name and your name will be removed from the mortgage.

Let me know if you have any other doubts.

Thanks
Blue

Guest

At the time of divorce wasn't it decided who will keep the house and make payments towards the mortgage? And did your ex husband tell you something about giving you any share out of the value of the house after you transfer it in his name?

wablola · Posted: Thu Jan 25, 2007 3:01 pm Post subject:

Jennifer Connelly has a point. You are due to what is owed to you. I'm sure you paid your share on the loan.

Samantha · Posted: Fri Jan 26, 2007 3:49 am Post subject: RE: refinance after divorce

Hi Guest,

You may either use a quit claim deed or a grant deed to transfer the title to the property to your husband. But there are a few considerations:

Are you expecting any money in return of the deed transfer? Is here any equity left in the home? Do you want him to buy you out or are you just transferring the property without getting any cash in return?

Does your divorce decree include how the property will be distributed after the divorce?

If you wish to get your share of equity in the property, then make sure that the property has been appraised so that you know its value. If there in exchange of funds in return of your transfer, make sure it is managed by a third party, that is, a title or escrow company.

Now, the mortgage is in both of your names. So, it is good for you if your husband wishes to refinance the loan in his name only. Otherwise, if he goes into default for not making payments, then you will be responsible to pay for the loan. Therefore it is better if he refinances in his name only.

Do not transfer title to him without the refinance. If you do so, he will own the property while both of you will be on the loan. And, thinking that you are also on the loan, he may default. In that case, you will have to take over the liability even though you don't ahve your name on the title to the property. So, it is better to transfer title to him at the time he refinances.

Hope this information will be helpful for you.

God bless you.

Samantha

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