Mortgage vs Note

milmartinez · Joined: 01 May 2008 Posts: 1 1.64 Dollars($)

I'm confused. I'm signing a Quit Claim deed on this property over to my wife. I am on the mortgage papers. But I'm not on the note (promissory note).
She used her credit only when she refinanced. The mortgage does not show up on my credit, but my name shows up on the property taxes.
I only signed a few papers @ closing. If I'm on the mortgage papers, on the deed, But NOT on the note, am I liable for this mortgage once I quit claim it over to her?

jameshogg · Posted: Thu May 01, 2008 9:22 pm Post subject: RE:

Hi Milmartinez,

Welcome to forums.

If your name is on the mortgage papers, then either you are a cosigner or co-borrower. I suppose you are the cosigner because the mortgage does not shown on your credit report. Even then the promissory note should have your name. Can you just check and tell me what papers you signed at closing? it will be easier for me to give you any suggestion.

Thanks

Niicss · Joined: 03 Oct 2005 Posts: 807 118.37 Dollars($)

Welcome Milmartinez,

If you are a co-signer then you are also liable to pay the mortgage if your wife defaults even after you transferred the property through a quitclaim deed. Even your credit report may be affected if your wife defaults on the mortgage.

Let me know if you have any further questions.

gmakerley · Posted: Fri May 02, 2008 2:57 pm Post subject:

it is pretty apparent to me since only your wife signed the note that you are not responsible for payments on the mortgage loan. what you are responsible for - at least until you relinquish your ownership - is keeping the requirements noted in the mortgage (insurance, maintaining the home, etc.).

once you quit-claim your interest in the home, you ought to be completely off the hook for any responsibility, including the real estate taxes.

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