Posted on: 23rd Jun, 2009 10:18 pm
i am about to file for divorce. my husband wants the house...i do not. i will be paying him child support, about 850 using the online calculator, current mortgage/tax/insurance payment is a little less than 1300. we are in california. here are my questions.
i would like to do a quitclaim deed. i understand that this is separate from the mortage. by doing this i understand i am transferrring all interest in the home to him. does it also release me from liability? like if a tree on our property falls on someone else's house, or someone gets hurt while on the property...am i free from such liabilities?
he does not make much money, and has been looking into refinancing to lower the payment. will they use the child support payment from me as part of his income...will this help him refinance?
if i am only on the mortgage and nothing else, other than mortgage related issues (like forclosure, late payments, etc.) do i have an responsibility to the house, for repairs, taxes, any other things that someone might come after me for?
finally, does anyone have any suggestions for this situation, creative solutionsthat might work? things to watch out for?
thanks so much!
i would like to do a quitclaim deed. i understand that this is separate from the mortage. by doing this i understand i am transferrring all interest in the home to him. does it also release me from liability? like if a tree on our property falls on someone else's house, or someone gets hurt while on the property...am i free from such liabilities?
he does not make much money, and has been looking into refinancing to lower the payment. will they use the child support payment from me as part of his income...will this help him refinance?
if i am only on the mortgage and nothing else, other than mortgage related issues (like forclosure, late payments, etc.) do i have an responsibility to the house, for repairs, taxes, any other things that someone might come after me for?
finally, does anyone have any suggestions for this situation, creative solutionsthat might work? things to watch out for?
thanks so much!
Hi Loralei,
If you quitclaim the property to your husband, you will give up all your interest in the property. You will no longer be responsible for it. However, you will still be responsible for the loan, until your husband refinances in his name. But you should be free from other property-related liabilities.
If he does not make much, he can use the child support payment as his income to qualify for a loan. But he will be required to prove that he will receive the child support payments for the next 2 years and he has received the payments on time for the last 1 year. If his credit score is good and his combined income reaches the eligibility limit, he can qualify for a refinance.
Once you quitclaim the property, you will no longer be responsible for the payment of property taxes or the repairs. These are the owner's responsibility. If you give up ownership, you are not liable to pay for taxes or repairs. However, before you take any decision, you must consult your divorce attorney.
If you quitclaim the property to your husband, you will give up all your interest in the property. You will no longer be responsible for it. However, you will still be responsible for the loan, until your husband refinances in his name. But you should be free from other property-related liabilities.
If he does not make much, he can use the child support payment as his income to qualify for a loan. But he will be required to prove that he will receive the child support payments for the next 2 years and he has received the payments on time for the last 1 year. If his credit score is good and his combined income reaches the eligibility limit, he can qualify for a refinance.
Once you quitclaim the property, you will no longer be responsible for the payment of property taxes or the repairs. These are the owner's responsibility. If you give up ownership, you are not liable to pay for taxes or repairs. However, before you take any decision, you must consult your divorce attorney.
you do not want house so quit claim deed is best option. but ensure whether your husband will qualify for refinance or not. if he can, consult & put every thing in written.