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through divorce settlement, x keeps house with me on title with right of survivorship. Mortgage higher than value.

I want to quitclaim to avoid responsibility of foreclosure, taxes, etc.

I want to quitclaim but I will still be on loan.

How to I remove myself entirely from loan and house?

Thank you much, May you be rewarded for your advice.

jameshogg · Posted: Thu May 26, 2011 10:19 pm Post subject:

Hi Guest,

You can sign a quitclaim deed and transfer the property to your ex-spouse. Once you do so, your spouse will have to refinance the loan in order to remove you from the mortgage. But as the property does not have equity in it, it won't be possible for him to refinance the mortgage.

Thanks

Guest

Thru this web site I found my own answer: Novation!
Thanks!

gmakerley · Posted: Fri May 27, 2011 11:34 am Post subject:

Congratulations, Freebird. Unfortunately, not everyone in the lending world will honor novation, but it's nice to see you succeeded.

The only way in which to "remove" oneself from being obligated on a loan is for the other party to obtain a new mortgage, refinancing to pay off the existing loan.

A quit claim deed merely eliminates the ownership interest in the property, but has no effect at all on the underlying debt.

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Please help! Will an assisgnment from lender help?

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