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Will I still be responsible for the mortgage loan?

Posted on: 11th Nov, 2010 08:45 am
i purchased a new home with my boyfriend a couple years ago which is now my ex boyfriend and he wants me to do a quit claim deed because he states he is going to try and re-finance the home. i am not so sure if this is what he is going to really do for when i asked him a year ago to do this he replied no way. if he does not refinance the home would i still be responsible for the note once the quit claim deed is in place? if he doesn't pay the mortgage and the house forecloses will this hurt my credit as well since my name was originally on the loan? thanks for your help.
YES in order for you to be taken of the mortgage and not be held responsible he would have to either try to do a loan modification or refinance the loan. If you quit claim your interest in the home you are still financially responsible. Be careful not to sign your right to the house away but still be stuck with the bill!

[Links deleted as per forum rules. Thanks.]
Posted on: 11th Nov, 2010 12:45 pm
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