Posted on: 03rd Jul, 2010 09:44 am
does it merely remove his name from the title and any right to any equity or does it remove him from the debt responsibility as well
If his name is on title and on the mortgage, it only releases him from ownership in the home, he is still obligated on the debt.
Hi,
If you are signing a quitclaim, you are only transferring the property to someone. You will still responsible for the mortgage loan even after transferring the property. In that case the new owner of the property needs to re-finance the loan in his/her name. I would suggest you to consult with your lender and take the necessary step.
Hope this will help you.
If you are signing a quitclaim, you are only transferring the property to someone. You will still responsible for the mortgage loan even after transferring the property. In that case the new owner of the property needs to re-finance the loan in his/her name. I would suggest you to consult with your lender and take the necessary step.
Hope this will help you.
