Chosing the right deed

Guest 0.10 Dollars($)

My husband and I are separated and will soon be filing for divorce. We have a house together and under the current market, it will be impossible to sell any time soon. My husband has tried to refinance the house in to his name only with minimal success based on the apprasial value that we have received. I am trying to purchase another home in my name only and was wondering if I can use a quick claim deed transferring our current home to my husband. If so, have these deeds shown success in dealing with new lenders when trying to purchase a new home while still being legally tied to another home loan?

Guest 0.10 Dollars($)

I understand you need a new home but will be ok with paying for 2 mortgages - one on the new home and other on the old?

You may transfer the current home through quitclaim deed but you will still be responsible for the mortgage along with that of your soon to be ex husband.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Shannon,

Welcome to the forum.

Ryan has rightly said that even if you quitclaim the property, you will still be responsible for the mortgage. So your spouse, to whom you are going to quitclaim the property, should refinance the mortgage on his name.

If he does not want to refinance the mortgage on his name only then you can file a partition lawsuit and sell of the property. The proceeds will be divided between you and your spouse.

If you want to know more about partition lawsuit, then check out this article http://www.mortgagefit.com/know-how/removecoborrower.html

Feel free to ask if you have any further questions.

Best of luck,
Larry

All times are GMT - 7 Hours

Page 1 of 1