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Quick Claim Deed

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Icon Mini Profile karimckenzie





Joined: 25 Feb 2010

Posts: 1

1.28 Dollars($)
Post Posted: Thu Feb 25, 2010 1:07 pm    Post subject: Quick Claim Deed
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My name and my common law spouse's name are on the mortgage. I wish to vacate the home. If I do a quick claim deed over to him and he does not refinance the loan back into his name and he starts to miss payments or is late on payments, will I be resposible also, if I do the quick claim deed over to him?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10164
Location: Nevada
944.24 Dollars($)
Post Posted: Thu Feb 25, 2010 8:23 pm    Post subject:
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Hi karimckenzie,

Signing a quit claim deed will remove your name from the mortgage but not from the mortgage docs. If the spouse does not pay off the dues, you would be responsible for it and your credit would be badly affected due to his late payments. Thus, you should always ask your spouse to refinance the loan in his name after you transfer the property.

Thanks
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