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dear_bao_vue · Joined: 17 Feb 2011 Posts: 2 1.71 Dollars($)

MN Quitclaim case - I was granted full interest of a property through quitclaim deed resulting from divorce. My ex was the only borrower on the mortgage. The mortgage was recently discharged in a Chap 7 that my ex filed. I'm deciding to walk away from the property and letting the bank repossess the home. Other postings in here seem to confirm that quitclaim only transfers interest of property and not mortgage obligation. If I walk away from the home, does this, in anyway, damage my credit or hinder my ability to purchase a new home?

adonis · Posted: Thu Feb 17, 2011 10:18 pm Post subject:

Welcome dear_bao_vue,

If you walkaway from the property, it won't affect your credit rating or your ability to purchase a new house.

dear_bao_vue · Joined: 17 Feb 2011 Posts: 2 1.71 Dollars($)

Thanks, adonis.

So indeed a quitclaim does not transfer mortgage obligation; where would I find the legal explanation and confirmation for that without employing a lawyer?

Also, what about the divorce decree which grants me the home and states my responsibility for the bills related to the home...does that legally bind me to the mortgage and the lender?

Here is a similar scenario that leads to believe otherwise:

My ex stopped paying for a credit card under my name which we agreed in the decree that he would pay. The credit card's collection agency took me to reconciliation court and the judge/referee told me the decree does not void or change my agreement with the credit card company; it basically gives me right to take my ex to court to collect from him what I had to pay the credit card company. So pretty much the divorce decree is a legal binding contract between me and my ex and does not affect our contracts with any other party.

If this is true then, regarding the mortgage, the lender wouldn't be able to use the divorce decree to come after me, right?

I'm in need of clarification and confirmation because I have a mortgage consultant whose telling me that the quitclaim transferred both property and mortgage interest to me.

Thanks!

jameshogg · Posted: Sun Feb 20, 2011 10:49 pm Post subject:

Hi dear_bao_vue,

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Can I get a mortgage if I am a quitclaim grantee of a home where I am not borrower of mortgage?

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