divorce settlement of home

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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?

sara

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

jerry

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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