How does a quit deed affect the mortgage?

Guest

My ex and I have been divorced for a year and he has finally decided to quit deed the house to me since I have paid all payments for the past 5 years. As both names are listed on the title and mortgage, my question is "Do I still have to refinance to remove his name from the mortgage if he quit deeds the house to me?" Due to the current housing market, our mortgage is more than the appraisal of the home and a refinance isn't a viable option at this point in time. Thank you.

jameshogg · Posted: Mon Nov 09, 2009 8:13 pm Post subject:

Hi JMB,

Your ex can sign a quitclaim deed in order to remove his name from the property deed. If you want to remove his name from the mortgage docs, you will have to refinance the mortgage in your name. However, as there's no equity in the property. It would be quite difficult for you to get a refinance.

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