Posted on: 17th Jul, 2009 12:51 pm
I would like to know if you can refiance your home and then get a divorce and quick claim need the house to the other spouse
hi veliacowles,
if you refinance the house and then quitclaim it to your spouse, you will still be responsible for the loan. the quitclaim deed can only transfer the property title. it does not transfer the responsibility of the loan. thus, if you refinance and then quitclaim, you will lose your rights to the property, but will remain liable to pay off the loan.
if you refinance the house and then quitclaim it to your spouse, you will still be responsible for the loan. the quitclaim deed can only transfer the property title. it does not transfer the responsibility of the loan. thus, if you refinance and then quitclaim, you will lose your rights to the property, but will remain liable to pay off the loan.
property & mortgage are different issue. by quit claim deed you are transferring property right. however mortgage still will remain in your name.
your lender may ask to include name of your spouse in this case to safeguard his interest.
your lender may ask to include name of your spouse in this case to safeguard his interest.
what is it that you are trying to accomplish anyway, veliacowles?
It is weird too an I just got understand it today. Quit claim deed only means that the party has quit claimed his/her interest in this house. If his/her name is on the refinance documents. I have to say that he/she is still responsible for the loan and if the loan goes default, the lender can go after you two person rather than one.It has nothing to do if his/her name is on the deed or not. So it makes no sense if you just want to remove his/her name so as to get rid of his/her responsibility for the loan. Hope that helps.
not that much, thanks.