Posted on: 01st Apr, 2009 06:16 pm
I am pending divorce and want to give the house to my STBX, but she would not qualify to assume the mortgage on her own. Her father was giong to help her but the current economic conditions make that unlikely. If I sign a quit-claim, and she can't pay, am I still responsible for the mortgage?
Hi oliverbdaniels,
Though you quitclaim the property to your SBTX, you would still remain responsible for the mortgage. If she defaults the mortgage payments, the lender may come after you for the debts. Moreover, your credit can get affected if the property is foreclosed by the lender.
Thanks
Though you quitclaim the property to your SBTX, you would still remain responsible for the mortgage. If she defaults the mortgage payments, the lender may come after you for the debts. Moreover, your credit can get affected if the property is foreclosed by the lender.
Thanks
Hi
A quitclaim deed will not transfer your mortgage liabilities. It will simply transfer the ownership from you to your stbx. Until your stbx refinances, you will be held responsible for it and your credit will also take a hit in case of a default.
A quitclaim deed will not transfer your mortgage liabilities. It will simply transfer the ownership from you to your stbx. Until your stbx refinances, you will be held responsible for it and your credit will also take a hit in case of a default.
Yes, everyone is right. This is very dangerous for your credit. I have seen many friendship end because of something like this. You will want to protect your good credit and not leave it in the hands of another.