Posted on: 06th Sep, 2006 07:50 pm
My husband recently divorced me and now wants to move his new love into our home after 23 years of marriage. He wants me to sign one or the other claim. My question is this will I be legally removed from the home and property and equity loan and will my credit report show these debts closed.
Hi Guest,
Welcome to the forums.
You will have to look into the divorce decree regarding your rights in the property. Its better not to do a quit claim as it implies that you have transferred your interest in the property. Also, the equity loan will have to be paid off as quit claim does not affect your liability to repay a financial obligation. So, your credit reports won't show that your debts are closed.
Just go through the discussion on Quit claim and mortgage for more information.
Feel free to clarify your doubts.
Thanks,
Caron.
Welcome to the forums.
You will have to look into the divorce decree regarding your rights in the property. Its better not to do a quit claim as it implies that you have transferred your interest in the property. Also, the equity loan will have to be paid off as quit claim does not affect your liability to repay a financial obligation. So, your credit reports won't show that your debts are closed.
Just go through the discussion on Quit claim and mortgage for more information.
Feel free to clarify your doubts.
Thanks,
Caron.