what is a quit claim

SandraBarrett · Joined: 13 Jun 2008 Posts: 2 1.59 Dollars($)

Should we quit claim a house over without them refinancing the home are we free to have to pay the mortgate payment or home equity also. I do not know what to do I am remarried and did not sell my house when I got divorced my ex-wife went to a lawyer and wants me to quit claim the house over to her. It has been listed for 17 months with no sale? Please help me

adonis · Posted: Fri Jun 13, 2008 9:11 pm Post subject:

Welcome Sandra,

I suppose you are trying to quitclaim the property prior to your ex-wife refinancing the house. But I suppose it's better to let her refinance first and then you quitclaim property. Or else, when she refinances, you can sign on the quitclaim deed then and there.

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.17 Dollars($)

Welcome Sandra,

IF your ex-wife cannot refinance the mortgage then you need to take confirmation before you quitclaim the property. If you do not inform the lender then he can call the loan due and demand the total due amount immediately. by the way if she can refinance the mortgage on her name only then you can surely quitclaim to her.

To know more about Due-on-sale clause you can refer to the article at http://www.mortgagefit.com/due-sale.html

Hope this helps.

Good luck.

brian1 · Posted: Mon Jun 16, 2008 11:44 am Post subject:

Quit claiming it will not relieve you of any financial responsibility if your name is on the mortgage. In fact it will give you less power as you no longer own the home but still owe on it.

Good Luck
Brian

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