Posted on: 15th Jan, 2009 10:24 am
if i do a quit claim deed to my (soon to be) ex wife. is she then responsible for making the mortgage payments or if she misses payments will the mortgage company come after me for the money?
hi john k!
welcome to forums!
a quitclaim deed only transfers the properties in your ex-wife's name. it does not release you from the responsibility of paying the mortgage. once you quitclaim the property to your ex-wife, she will have to refinance it in her name. once she does so, then you will be released from the responsibility of paying the mortgage. if she doesn't refinances the mortgage, then you will still be responsible for paying the mortgage dues and if your wife defaults, then the lender may ask you to pay the dues.
feel free to ask if you have further queries.
sussane
welcome to forums!
a quitclaim deed only transfers the properties in your ex-wife's name. it does not release you from the responsibility of paying the mortgage. once you quitclaim the property to your ex-wife, she will have to refinance it in her name. once she does so, then you will be released from the responsibility of paying the mortgage. if she doesn't refinances the mortgage, then you will still be responsible for paying the mortgage dues and if your wife defaults, then the lender may ask you to pay the dues.
feel free to ask if you have further queries.
sussane
John and Mary got married after he had purchased and financed a house in his name only. John then put her name on the deed but it is not on the mortgage document. If they divorce will the mortgage company still hold her responsible for the debt?
Hi Bonnie,
The mortgage company will not hold her responsible for the debt. When the house was deeded over to her she became the legal owner of it. But a deed never transfers any financial liabilities. Thus, she is not liable for making any loan payments. To transfer any financial liabilities, a Novation agreement is very useful, not a quitclaim or grant deed.
The mortgage company will not hold her responsible for the debt. When the house was deeded over to her she became the legal owner of it. But a deed never transfers any financial liabilities. Thus, she is not liable for making any loan payments. To transfer any financial liabilities, a Novation agreement is very useful, not a quitclaim or grant deed.
i agree with jenkin7 but wish to add a caveat. if "john" defaults on the mortgage, "mary" is definitely going to be affected. as an owner of the home, any proceedings will include her as a defendant (such as a foreclosure, for example). in that way, she is obligated to take steps to keep the property in good repair, to maintain insurance, etc. these are all things that need to be done to protect the lender.
so, despite not having to worry about making payments on the mortgage, "mary" is still under an obligation to do certain things. and, of course, "i do" represents yet another obligation, but we won't get further into that at this time.
so, despite not having to worry about making payments on the mortgage, "mary" is still under an obligation to do certain things. and, of course, "i do" represents yet another obligation, but we won't get further into that at this time.
