Quite Claim Difficulties

Guest 0.10 Dollars($)

My husband owns a house with his ex wife. It is now currently worth less than what is owed on it. We don't want to keep the house. She can not qualify to refinance but has family that is willing to help her make payments on the house if we quit claim deed it to her. They see it as an investment and don't want me to have rights to the proerty if he passes. My ex would like to be off the loan in the next two years. She's thinking 5-10 years so that she can pocket all of the profit and put it down on a new home. If he quit claim deeds it to her does it make it harder to "make her" sell the home b/c he has no rights to it???

jheard · Posted: Tue Mar 04, 2008 8:29 am Post subject:

The lender will not allow you to quitclaim the property as long as they have a mortgage on it. If your husband is still paying the mortgage, he should still be on the title. If they want title, they will have to refi.

The only other thing you could do is to do a purchase contract. For instance, if the family pays 1/2 the mortgage for 5 years, they get 1/2 the property at sale, or something like that.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi,

If the property is quitclaimed to you, that will not help your cause. Quitclaim will only transfer the property but the mortgage will still remain on your husband's name. So I think Jheard has given you a great suggestion. I would suggest you to follow his suggestion.

Best of luck,
Larry

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