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 schurkette
Joined: 07 Mar 2010
Posts: 1
1.36 Dollars($)
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 Posted: Sun Mar 07, 2010 12:53 pm Post subject: Does a quickclaim automatically result in refinancing the ho |
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| My husband and I are starting the process of a divorce and we have agreed that I get the house. We live in a community property state (WI). I'm would rather not refinance if I don't have to. I'm wondering, if we complete a quickclaim, will I have to refinance the home at the same time, or can I simply resume paying the mortgage payments as they currently stand? Thanks for your help! |
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smithsussane
Joined: 18 Sep 2008
Posts: 5825
Location: Alaska
256.25 Dollars($)
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| Posted: Sun Mar 07, 2010 7:55 pm Post subject: |
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Hi schurkette!
Welcome to forums!
If your husband signs the quit claim deed in your favor, then it would only transfer the property to you. It won't help you in transferring the mortgage in your name. You will have to refinance the loan in order to transfer it in your name. Also, it will release your husband from the liability of paying the mortgage dues.
Feel free to ask if you've further queries.
Sussane |
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Christina
Guest
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| Posted: Wed Mar 10, 2010 11:40 am Post subject: Refinancing my home |
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| Thanks for the info! OK. So I understand that I will have to refinance my loan to get the mortgage in my name only. Can I refinance it for the same loan amount that it was originally set up for? Or will equity come into play! |
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smithsussane
Joined: 18 Sep 2008
Posts: 5825
Location: Alaska
256.25 Dollars($)
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| Posted: Wed Mar 10, 2010 10:31 pm Post subject: |
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Hi Christina!
Welcome to forums!
If there is equity in you property, then you can cash in that amount and use it to pay off your unsecured debts if you wish.
Sussane |
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