I AM MARRIED CAN I OUICK CLAIM DEED MY HOME TO MY WIFE

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I HAVE ABOUT $30,000 IN CREDIT CARD DEBT. I HAVE BEEN MARIED OVER 40 YEARS. WE ARE BUYING A HOME WHICH HAS ABOUT $80,000 EQUITY. CAN I DO A QUICK CLAIM DEED ON OUR HOME SO IF I DIE SHE WILL NOT BE RESPONSIBLE FOR MY CREDIT CARD DEBT

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Bennie, a quitclaim deed will not help in this case. A deed can only add/remove someone from the title but dies not transfer or remove someone from the debt. Why don't you consolidate the debt instead. or is it possible for you to afford a loan which will help you buy the home as well as pay off the cc debt?

larry · Joined: 27 Jun 2007 Posts: 3051 428.03 Dollars($)

Hi BENNIE,

Welcome to the forum.

You can quitclaim the home to your wife buy as it is a mortgaged property your wife will have to refinance the mortgage on her name. You will also have to inform the lender before quitclaiming the deed.

Mac_7 has pointed out a good point that you should try to consolidate your debt and pay it off.

Feel free to ask if you have any further questions

Best of luck,
Larry

jheard · Posted: Mon Apr 14, 2008 7:05 am Post subject:

One does not inherit debt. Your assets will be used to satisfy the debts. Your assets (if you are in a community property state) are 1/2 of the house equity ~$40k. So, your wife would end up with 1/2 the equity no matter what.

Quitclaiming the house will lead to the other issues mentioned above.

Why don't you sell the property and pay off the credit card debt?

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