Do I need to get a quit claim deed to be removed from loan?

andrea_douglasjoseph · Joined: 11 Jul 2008 Posts: 1 1.61 Dollars($)

My husband and I recently divorced where he bought me out of the property (Home) that we had together. I have never signed a quit claim to the property but I was told that I need to sign one so that my name can be remove from the mortgage so that I am not financially responsible if the property goes into foreclosure. Please advise.

apexoffice · Posted: Fri Jul 11, 2008 7:06 pm Post subject:

As far as I know, the best way for you to be removed from obligation to the mortgage would be for your ex-husband to refinance in his own name. A quit claim deed will not remove your name from the loan, it only relinquishes your interest/rights to the property.

Benjamin

michael_ueltschey · Joined: 11 Jul 2008 Posts: 13 5.58 Dollars($)

Benjamin is correct. You must refi to get off the mortgage.

Niicss · Joined: 03 Oct 2005 Posts: 1019 151.80 Dollars($)

Welcome andrea.

So you just quitclaim the property and ask your ex-husband to refinance the mortgage on his name only so that you are out of the mortgage responsibilities. By the way only if you are on the mortgage then he needs to refinance. Otherwise if he is only on the mortgage then he needs not to refinance.

cliff · Posted: Sun Jul 13, 2008 3:45 pm Post subject:

Welcome andrea.

Niicss is right if the mortgage is not in your name then you only need to quit claim the property back to your husband. However, if you are on the mortgage he will need to refinance to remove you from any obligation having to do with the current mortgage.

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