Posted on: 20th Jan, 2009 09:01 pm
I have a quick claim deed but my ex to be has a loan on the house. Who is responsible for the loan and is the house truly mine if there is money owed? Is he responsible for eth note or am I?
Hi kimberlybn
As the property deed is in your name, then you are the owner of the property. As the mortgage is in your ex's name he/she will be responsible for paying the mortgage. As there is a mortgage on the property, you do not have the title of the property free and clear. Once the mortgage is paid off, then you will be the sole owner of the property.
However, you should note that if your ex defaults the payments and if the property goes into foreclosure, then the property will be sold off but your credit will not be affected.
Thanks.
As the property deed is in your name, then you are the owner of the property. As the mortgage is in your ex's name he/she will be responsible for paying the mortgage. As there is a mortgage on the property, you do not have the title of the property free and clear. Once the mortgage is paid off, then you will be the sole owner of the property.
However, you should note that if your ex defaults the payments and if the property goes into foreclosure, then the property will be sold off but your credit will not be affected.
Thanks.