Quitclaim deed-Musiclover?
Find a Conversation
Quitclaim deed-Musiclover?
| Fri, 05-30-2008 - 6:15pm |
Musiclover,
Since you are an attorney I thought maybe you can help with this one.
If my stbx is on the mortgage does a quitclaim deed relieve him from that mortgage?
I was once told that the mortgage company can still go after whoever is on that mortgage regardless of the quitclaim.
He came up with a "plan" and I don't think he really knows what he is talking about!

Hey buck,
I live in Nevada and looked into this option.
In my case, I refinanced the mortgage in my name and they (the bank)told me that he'd have to sign a quit claim deed to get his name of the deed in order to get the loan.
It gets their name off the title--not the mortgage tho'. So if you somehow went into default on the mortgage payments--he'd have to make the payments on a house he didn't technically own anymore. Is it possible to refinance?
A quit claim deed will allow you to refinance the house in your name only. It basically is getting the other person off the deed to the house. They are no longer able to profit from the house (equity, taxes, etc). But if you dont refinance it to your own name, he will still be liable if you fail to make the mortgage payments.
My ex quit claimed my house to me. I've yet to be able to refinance it in my own name, so his name remains. BUT, my mortgage payments are taken from my checking acct 2 x month. He is benefitting by it showing "he" pays his mortgage on time every month on his credit report.
So far, he has not pressured me about refinancing. I'm sure if there ever came a time for him to want to purchase a house, he will....but I dont see that happening......
If you dont quit claim and refinance, when you go to sell your home, he will have to sign the papers as well-and could try to take 1/2 the equity.
That's what I thought.
My stbx is not too bright I guess.