Posted on: 22nd Oct, 2013 07:13 pm
I was planning on signing a quitclaim deed to sign the deed of the house over to my wife due to divorce, in which both of our names are on the deed and the mortgage currently. My questions are a) should I do a quit claim deed or interspousal deed b) if soon to be ex-wife passes away and I signed the deed over to her but did not get my name off the mortgage am I responsible for the the mortgage but unable to sell the house or move in? If the answer is yes, who takes over ownership of the property then?
Hi Matt D,
A quitclaim deed can be used to transfer the property to your ex-wife. Here it should be noted that if your wife dies and your name remains mentioned on the mortgage docs, then you will be liable for paying the mortgage. The heirs of your ex-wife will have claims to the property.
Thanks
A quitclaim deed can be used to transfer the property to your ex-wife. Here it should be noted that if your wife dies and your name remains mentioned on the mortgage docs, then you will be liable for paying the mortgage. The heirs of your ex-wife will have claims to the property.
Thanks
Hi Matt!
Welcome to the forums!
James is right. If you are on the mortgage, then the lender will come after you to recover the dues. In case of non-payment of the dues, your credit will get hampered.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
James is right. If you are on the mortgage, then the lender will come after you to recover the dues. In case of non-payment of the dues, your credit will get hampered.
Feel free to ask if you've further queries.
Sussane