Posted on: 21st Oct, 2006 10:06 pm
am i free from all financial responsibilities if i sign a quit claim deed over to my ex-husband? i am now remarried and we are wanting to buy a new home but my credit still shows that i have a mortgage pymt on the house that my ex has because my name is still on everything. will a quitclaim take me off everything? i know he can not afford to refinance on his own, but i need off of that house. help!!!
Hi,
Quit claim deed will remove your name from the house but you will still be liable for the mortgage. As quit claim can not transfer any financial obligation a person has.
Thanks
Quit claim deed will remove your name from the house but you will still be liable for the mortgage. As quit claim can not transfer any financial obligation a person has.
Thanks
hi tigersmate,
by signing a quit claim, you can transfer the ownership interest you have in the property to your ex-husband. but the mortgage will not be conveyed through it. since your husband cannot refinance, the only way left out is a novation by which you can transfer the home loan in your ex's name. but first of all, let the lender know about all this as his permission is necessary here.
to know more on this issue, refer to a discussion on quit claim does not transfer mortgage and novation.
thanks,
sara
by signing a quit claim, you can transfer the ownership interest you have in the property to your ex-husband. but the mortgage will not be conveyed through it. since your husband cannot refinance, the only way left out is a novation by which you can transfer the home loan in your ex's name. but first of all, let the lender know about all this as his permission is necessary here.
to know more on this issue, refer to a discussion on quit claim does not transfer mortgage and novation.
thanks,
sara
Thanks Sara for the info but how long will all this take the quit claim and the novation through the lender? We are wanting to get a new house as soon as possible, and it is hard with my name still on my ex-husband mortgage. We have been divorced for almost two yrs and I just want all strings cut from this. I want to move forward with my life and away from all the stress.
Thanks,
Tigersmate
Thanks,
Tigersmate
Tigersmate,
It does not much time to execute a quit claim deed and a novation. Once you get the deed drafted by an attorney, all that you wait for is the deed to be notarized by a notary public and it's recording at the Register of Deeds. Your attorney will help you out throughout the process. Regarding novation, I don't think you will have to wait for long as it is done by the lender.
Legal processes do take some time, so allow for some time before you can buy a new house.
It does not much time to execute a quit claim deed and a novation. Once you get the deed drafted by an attorney, all that you wait for is the deed to be notarized by a notary public and it's recording at the Register of Deeds. Your attorney will help you out throughout the process. Regarding novation, I don't think you will have to wait for long as it is done by the lender.
Legal processes do take some time, so allow for some time before you can buy a new house.