Hi redlady,
Your spouse refinanced the mortgage solely in his name, right? In that case, he is the person who is responsible for the loan. If the property goes into foreclosure, the proceedings should not affect your credit. If you are on the property title, the foreclosure proceedings can include your name. But since your name is not on the loan, you cannot be held responsible for the foreclosure.
Your spouse refinanced the mortgage solely in his name, right? In that case, he is the person who is responsible for the loan. If the property goes into foreclosure, the proceedings should not affect your credit. If you are on the property title, the foreclosure proceedings can include your name. But since your name is not on the loan, you cannot be held responsible for the foreclosure.
Thank you so much for the confirmation. Do I need to quit claim before divorce proceedings?
Hi,
Do you want to give up your interest in the property? If you do, you can sign over your share of property to your spouse. In case you want the full ownership of the house, you can get a quitclaim deed signed by your spouse. It is up to you whether you will transfer the property before or during the divorce proceedings.
Do you want to give up your interest in the property? If you do, you can sign over your share of property to your spouse. In case you want the full ownership of the house, you can get a quitclaim deed signed by your spouse. It is up to you whether you will transfer the property before or during the divorce proceedings.
I want my health and freedom more than the house. Besides I know he won't be able to keep it long. Thanks.