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 kdism2
Joined: 05 Nov 2009
Posts: 1
1.33 Dollars($)
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 Posted: Thu Nov 05, 2009 7:10 am Post subject: Divorce & mortgage |
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Hi,
I"m currently getting divorced and we have decided my wife will keep the house.
She has agreed to refinance within 18 months and take my name of the mortgage. But also wants me to sign a quitclaim deed.
What happens in the event, she dies or cannot continue paying the mortgage in those 18 month?
Can I just simply take over the payments? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Thu Nov 05, 2009 9:51 am Post subject: |
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you can take over the payments, but are you planning to quit claim your interest now? if you do, then taking over those payments will be a waste of your time, energy and money since you won't own the home.
your quit claim and the refinance ought to coincide, for the benefit of both of you.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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greg@homebuyerhelpnetwork
Guest
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| Posted: Thu Nov 05, 2009 5:26 pm Post subject: Divorce and Mortgage |
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| As long as you are obligated for the loan you should remain on title. As long as you are on the loan you are obligated for the payment and your credit will be negatively impacted if your soon to be ex quits making payments. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Mon Nov 09, 2009 3:19 pm Post subject: |
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unless you begin making the payments if and when your "soon to be ex" ceases...that will preserve your credit if you do so.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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