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divorce settlement of home

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drskunk

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0.10 Dollars($)

PostPosted: Sun May 06, 2007 2:01 pm    Post subject: divorce settlement of home

I have been awarded the home in my divorce settlement and must transfer the property and mortgage out of joint name and into my name only. Can I do a quitclaim deed and just have my exhusbands name removed from the current mortgage?
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Icon Mini Profile sara
sara


Joined: 05 Jul 2006

Posts: 958
Location: New Brunswick, New Jersey


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PostPosted: Sun May 06, 2007 9:45 pm    Post subject: RE: getting name on to the mortgage and deed after divorce

Hi drskunk,

I have answered your query at http://www.mortgagefit.com/know-how/about7185.html . Just read through and in case, you wish to discuss any more on this issue, please let me know.

Take Care
 
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Icon Mini Profile jerry
jerry
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Joined: 17 Oct 2005



Posts: 541
Location: MICHIGAN


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PostPosted: Mon May 07, 2007 5:16 am    Post subject: RE: Transfer property and mortgage

Hi Drskunk,

You can use the quitclaim deed to take your ex-spouse's name off the title to the property. But this does not remove him from the loan. To remove him from the loan, you will need to refinance the loan in your name or else, your lender may allow you in doing a novation. But I've heard lenders not keen on doing novation and also before they do it, they would surely review your creditworthiness.

Thanks,
Jerry.
 
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