Can I use a quitclaim deed to take my name off a mortage?

thegovester · Joined: 27 Mar 2008 Posts: 1 1.41 Dollars($)

My friend and I bought a house together, both of our names are on the mortage. We have now come to a point where we no longer want to be together. I plan to move out and hope to buy my own place. Can I use a quitclaim to get my name off the title and mortage so I can get my own mortage? or does he have to refinance or sell? We have all ready split everything that needs to be split up and have decided on a fair amount that he is going to pay me once I move out. I just don't want this title and mortage preventing me from buying something for myself. Any help you can give me would be greatly appreciated. Thank You

larry · Joined: 27 Jun 2007 Posts: 2473 327.54 Dollars($)

Hi thegovester,

Welcome to the forum.

Quitclaim deed will not take your name out of the mortgage. It will only remove your name from the deed. Your friend will have to refinance the mortgage on his name only to release you from the mortgage. You will also have to inform your lender before you sign the quitclaim deed.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Ron1 · Posted: Thu Mar 27, 2008 10:18 pm Post subject:

A Quit Claim will only remove you from Title. She will have to refinance, pay off the loan, or sell the home to get you off the mortgage.

If you are getting a divorce or seperation you can likely get something in writting through the courts that shows you are not responsible for the home mortgage. It could help when you go to buy the next home. It will likely help if she decides not to make her payments on time as her bad credit would be reported as your bad credit, but that legal note could resolve that too.

Sincerely,

Ron Bauer
First National Bank
Lending in all 50 States...

larry · Joined: 27 Jun 2007 Posts: 2473 327.54 Dollars($)

Hi Ron,

Welcome to the forum.

You seem knowledgeable and your knowledge and experience will help the people who are in need. Why don't you introduce yourself and let the community know about yourself at http://www.mortgagefit.com/introduce-yourself.html

Hope you will enjoy participating and helping people with your knowledge and experience in this forum.

Best of luck,
Larry

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