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What happens is a mortgage is defaulted after a quit claim has been signed

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wanette Joined: 10 Nov 2009 Posts: 1 1.39 Dollars($)	Posted: Tue Nov 10, 2009 10:38 pm    Post subject: What happens is a mortgage is defaulted after a quit claim h Like 0 Dislike 0 In a divorce situation, if the home is quit claimed from wife to husband, and he defaults or dies, I understand that as the ex-wife, I would be responsible for the remainder of the loan. However, would the interest in the property go back to me; would I have the option to reclaim the house or sell it? Or, would it be basically owned by the bank with me responsible for the remaining debt? Not sure how that works. Thank you!
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Wed Nov 11, 2009 2:55 am    Post subject: Like 0 Dislike 0 After the quitclaim deed is made, if the husband refinances the loan then you won't be responsible for the loan. However, if the husband is deceased before refinancing, then you would remain liable for the mortgage. As far as the property is concerned, you should contact an attorney and take his opinion in this regard.
Guest	Posted: Wed Nov 11, 2009 6:20 am    Post subject: Like 0 Dislike 0 Most of the time mortgage lender make it mandatory to purchase the insurance on home and thus if the person (on whose name the mortgage is) dies then insurance company will be liable to pay off the remainder amount to the lender. If there is no insurance and if you are on mortgage then you will be liable for the payment of the mortgage.
Guest	Posted: Wed Nov 11, 2009 6:24 am    Post subject: Like 0 Dislike 0 Most of the time mortgage lender make it mandatory to purchase the insurance on home and thus if the person (on whose name the mortgage is) dies then insurance company will be liable to pay off the remainder amount to the lender. If there is no insurance and if you are on mortgage then you will be liable for the payment of the mortgage.
Guest	Posted: Wed Nov 11, 2009 6:26 am    Post subject: Like 0 Dislike 0 Most of the time mortgage lender make it mandatory to purchase the insurance on home and thus if the person (on whose name the mortgage is) dies then insurance company will be liable to pay off the remainder amount to the lender. If there is no insurance and if you are on mortgage then you will be liable for the payment of the mortgage.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Nov 11, 2009 3:26 pm    Post subject: Like 0 Dislike 0 guest times 3 is 100% incorrect and posting 3 times is 100% unnecessary. no mortgage lender can "require" anyone to take a life insurance policy that pays off a loan. as for the situation described here, once you quit claim interest in a property, it's no longer yours, period. as for the mortgage, you would have wanted to have had that refinanced so you'd not have any recurring obligation. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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