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Quitclaim divorce

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trip1844 Guest	Posted: Mon Aug 22, 2011 12:26 pm    Post subject: Quitclaim divorce Like 0 Dislike 0 In a divorce, the parties were required to sell a house they owned jointly. The husband overvalued the sale price and the house did not sell. The wife took out a 150K equity loan co-signed by the husband. She expected to pay back the loan from the proceeds of the sale of the house (valued at 800K+ before the crash, currently around 300K). The wife has since signed a quitclaim, which the husband requested and has not been filed by the husband. The loan was an equity loan in both names. It appears the wife is responsible for the loan even with the quitclaim. The house was ordered sold in the divorce decree. Can the wife remove herself from the loan? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 22, 2011 9:32 pm    Post subject: Like 0 Dislike 0 Hi trip! Welcome to forums! Unless the husband refinances the loan in his name, the wife won't be able to remove her name from the mortgage docs. So, she should ask the husband to refinance the mortgage in his name. If he is unable to do so, then the wife will remain liable for the mortgage payments. Feel free to ask if you've further queries. Sussane

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