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 vanessa_tipton
Joined: 09 Jul 2008
Posts: 1
1.31 Dollars($)
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 Posted: Wed Jul 09, 2008 7:34 pm Post subject: Will a quit claim release someone of all liabilities if they |
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| Will a quit claim release someone of all liabilities if they are not on the note? My ex boyfriend and I are on a mortgage together, but he is not on the note itself. If we do a quit claim, will he be liable any longer in any way if something should happen (as far as paying for the lien if something should happen to me?) |
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Jeanette
Community Experts
Joined: 19 Oct 2007
Posts: 121
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.24 Dollars($)
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| Posted: Wed Jul 09, 2008 8:24 pm Post subject: |
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Hello Vanessa,
If your exboyfriend is not on the mortgage note he is not liable for the mortgage debt. If he is on the title and you want to remove him from the title then, yes, have him sign a quit claim deed. That will give you 100% interest to the property. If anything happens and you are not able to pay for the mortgage he is not obligated to pay it.
Jeanette Smith
Mortgage Planner
Union Mortgage Group
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Life is like a bull grabit by the horn |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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| Posted: Thu Jul 10, 2008 3:10 am Post subject: |
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Welcome Vanessa,
Jeanette has correctly said that if your boyfriend is not on the mortgage then he is not liable for the mortgage payments. But quitclaim deed doesn't remove anyone from the mortgage. It only helps you to transfer the property. So if your boyfriend is on the mortgage then you need to refinance the on your name only to get him out of the mortgage note.
Hope it is clear. Let me know if you have any further queries.
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Good is the Enemy of Great. |
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