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james el said
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 Posted: Mon Oct 26, 2009 2:39 pm Post subject: quitclaim deed |
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| me and my wife getting the divorce and she wants me to sign quitclaimdeed can i buy a house after the divorce |
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 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Mon Oct 26, 2009 5:17 pm Post subject: |
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Don't modify Title with a Quit Claim if you're both on the Note - it'll end up bad, especially since it's a divorse scenario. If she wants the house, and you agree to give it to her, she should refinance the Note into her own name, and then the Title will match accordingly.
Who is on the Note right now? Both of you? Or just you? Or just her?
_________________
Raymond
www.ReverseMortgageCalculator.org |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon Oct 26, 2009 7:54 pm Post subject: |
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Hi james,
If you sign a quitclaim deed and transfer the property to her, she would become the owner of the property. However, if the mortgage docs have both the names, then you would still remain responsible for it unless your ex-wife refinances it in her name. If she agrees to refinance the loan immediately after the property transfer, then you can sign the quitclaim deed.
Thanks |
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