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 bobbiknott
Joined: 03 Aug 2009
Posts: 2
2.32 Dollars($)
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 Posted: Mon Aug 03, 2009 11:10 pm Post subject: Quit claim deeds |
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| my husband and I are divorcing he wants the house I don't, both our names are on the title and loan, I want him to refinance to get me off the loan, I will give him 2 years and after that I want him to then sell it I don't want him staying in it forever with my name still on it... he wants me to sign a quit claim deed if I do how will it affect me having him refinance or have to sell... |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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| Posted: Tue Aug 04, 2009 3:07 am Post subject: |
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Hi bobbiknott,
If you sign a quitclaim deed and transfer the property to him, then he would become the sole owner of the property. In my opinion, you should sign an agreement with him stating that he will have to refinance the loan within two years or you would have the right to sell off the property. You should sign the quitclaim deed only at the time of closing of the loan. If you transfer the property before, he may not refinance the loan.
Take care. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Aug 04, 2009 8:18 am Post subject: |
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well put, sara. most divorcing couples work out this arrangement with their attorneys and in conjunction with the court. in that fashion, there's much less confusion as to timing and responsibility.
undoubtedly, relinquishing ownership while not being aware of the remaining spouse's plans on refinancing is hazardous. splitting-up couples should take care to make the appropriate arrangements prior to the final decree.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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erickinney01
Joined: 02 Aug 2009
Posts: 51
0.00 Dollars($)
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| Posted: Tue Aug 04, 2009 10:55 am Post subject: |
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| yes, in case of divorce plan & record everything properly. never do a quit claim deed if anoter person is not ready to finance. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sat Oct 03, 2009 5:55 pm Post subject: |
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All quit claim can do is give you the full ownership
But does nto release you from the loan |
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stevecomish
Joined: 16 Sep 2009
Posts: 53
0.00 Dollars($)
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| Posted: Sat Oct 03, 2009 11:33 pm Post subject: |
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Since your divorce is in process, you can take decision from judge in this regard. "He can own the house but within two years, he has to refinance the mortgage. otherwise, you will have right to sell"
Note that you will sign the deed once he has refinanced it |
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LA
Guest
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| Posted: Thu Nov 12, 2009 7:23 pm Post subject: Not on loan but on property title |
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| If I quitclaim the property to my spouse, would I be financially obligated if he were to default on the mortgage if I am not on the loan? |
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LA
Guest
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| Posted: Thu Nov 12, 2009 7:23 pm Post subject: Not on loan but on property title |
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| If I quitclaim the property to my spouse, would I be financially obligated if he were to default on the mortgage if I am not on the loan? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Fri Nov 13, 2009 11:35 am Post subject: |
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LA, if you are not currently obligated on a loan, and you transfer your interest in the property to your husband, then you will remain not obligated on a loan. it's truly that simple.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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