Posted on: 17th Nov, 2007 07:07 pm
my ex husband and i are trying to sort things out and i got the house. now he wants his name off the mortgage. a banker told him that if he got a quick claim deed and i signed it that the mortgage would be off his credit score but if i ever didnt make a payment they could still come after him for the money. this doesnt make any sense to me, help?!
helpplease
thank you for posting to the forum.
unfortunately, the advise the banker gave your ex-husband is not correct. if your ex were to sign the quitclaim deed, that will only remove him from the deed but his name would still be on the mortgage. there are two things you could do to get his name off the mortgage.
1. novation - contact your current lender and ask that he be removed. they will not always do this. should they not allow a novation you will need to
2. refinance you would need to refinance with only your name (or another co-borrower).
until one of the above happen, the mortgage will continue to be his responsibility should you default and it will continue to show as his debt on his credit report.
thank you for posting to the forum.
unfortunately, the advise the banker gave your ex-husband is not correct. if your ex were to sign the quitclaim deed, that will only remove him from the deed but his name would still be on the mortgage. there are two things you could do to get his name off the mortgage.
1. novation - contact your current lender and ask that he be removed. they will not always do this. should they not allow a novation you will need to
2. refinance you would need to refinance with only your name (or another co-borrower).
until one of the above happen, the mortgage will continue to be his responsibility should you default and it will continue to show as his debt on his credit report.
Hello Helpplease,
I agree with Michelle.
A quit claim will only remove him from the deed but not from any financial liabilities.
If he wants to remove his name from the mortgage, you have to do either a novation or a refinance in your name only.
I agree with Michelle.
A quit claim will only remove him from the deed but not from any financial liabilities.
If he wants to remove his name from the mortgage, you have to do either a novation or a refinance in your name only.
Hi,
I agree with the above posters. If your ex-husband quitclaims the property, then he will transfer the property only to you but that will not remove his name from the mortgage. If he quitclaims the property to you, you can refinance or make a novation to remove his name from the mortgage.
Thanks
Larry
I agree with the above posters. If your ex-husband quitclaims the property, then he will transfer the property only to you but that will not remove his name from the mortgage. If he quitclaims the property to you, you can refinance or make a novation to remove his name from the mortgage.
Thanks
Larry
my dear, as everyone mentioned and unfortunately, your name will still be on the mortgage if you sign a quit claim deed. the quit claim deed only gets your ex husband name off the deed but his name will still be on the mortgage. the only alternative is to do a refinance to put the loan in your name only.
