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Would you recommend a QCD?

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whammy68 Joined: 07 Nov 2009 Posts: 2 1.71 Dollars($)	Posted: Sat Nov 07, 2009 3:12 am    Post subject: Would you recommend a QCD? Like 0 Dislike 0 Ex-wife awarded use of house. Both of us are on the mortgage. She applied for a loan modification because she could not afford the payments as they were. The market was too bad to sell house. She does not qualify for a refinance because of her income. Loan modifier says I either need to sign the modification papers or sign a QCD. If I sign this, as I understand it, I will be giving up any rights and interest in the property itself, but will remain liable for the mortgage. In our divorce papers there are terms spelled out for the sale of the house...who gets what percentage of sale profit, etc. If I QCD, then I will be robbing myself of this option, which is a very real future possibility. Correct? I am thinking of offering ex a trade for me signing the QCD. My questions are: 1) Am I correct in my evaluation of this situation? 2) Why would a mortgage company want me to QCD? Wouldn't they be allowing me to have a loss of interest in paying the loan?
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Sat Nov 07, 2009 3:39 am    Post subject: Like 0 Dislike 0 Hi whammy, You are correct in evaluating your situation. If you sign the quitclaim deed, then you would not have any rights to the property. If your ex sells off the property, then she would not be liable to give you any amount from the sale proceeds. You can ask your ex to give you a stipulated amount depending upon the value of the property and then sign the quitclaim deed. The mortgage company wants you to sign a quitclaim deed so that your wife can apply for a loan modification alone. If both of you are on the loan docs, then both of you will have to sign the docs. The lender has offered you to sign the loan modification docs. If you do not want to sign the quitclaim deed, you can sign the documents for modification. Take care.

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