quit claim

Guest 0.10 Dollars($)

In February of 2006 I signed a Quit Claim giving my ex-fiance all of the legal rights and equity in our home. When I moved out of the home I was in a lot of emotional distress and assumed that by signing the quit claim I would no longer be financially responsible. I am still on the mortgage. We both had excellent credit so we were able to get a great finance rate. He refuses to refinance and is self employed. Is there anything that I can do to get out of the loan? He is currently paying the mortgage on time and has been for the last year. What are my options if any? I have heard that bankrupcy is my only option or hope he sells or refinances some day. Sad

adonis · Posted: Sun Jan 07, 2007 10:47 pm Post subject:

Welcome Expresso.

If he refuses to refinance, you can request him for novation. It's a process by which you can transfer him the entire loan and get yourself out of it. But before doing so, both of you need to get the lender's permission on this regard.

Guest 0.10 Dollars($)

If he is not willing to refinance, then ask him to talk to the lender and sell the property. By doing that, he"ll be able to sell property and you will be out of the loan.

Better not file bankruptcy and damage your credit score.

Guest 0.10 Dollars($)

If you want to file bankruptcy, then go for chapter 13. It will help you pay off the loan by reducing the payable amount. I mean you will be getting an alternative payment plan.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

I wouldn't think that bankruptcy would be a good option unless he has defaulted on the home. I think there are certianly better options such as notation as mentioned above or finding out why he won't refinance and see if maybe there is a way in which he would. Just because he is self employed does not mean he will have to pay a higher rate. There is one program that with a 700 score you can still get a 5.50% interest rate on a 30 year fixed mortgage.

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