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| *Loan,banking and credit>>>mortgage loan |
I need to know how to get my name off a mortgage loan? |
I have a house in AR, my ex-husband & I bought . He wants me to sign a quitclaim deed over to him. What am I responsible for after that, and should I do that in the first place. What will this do to my credit? Will my name come off the loan after 6 months if payments are made on time? The only way to get off the mortgage is to have him refi. If he doesn't, and you sign a quitclaim, you still are responsible for paying the mortgage. However, since you own nothing... it's in his best interest not to make you pay anything. If you fail to pay, he'll lose the property. Be aware that a quitclaim gives you nothing. If he later sells, you get nothing from the sale. He doesn't have to reimburse you for any payments you've made on the mortgage. If you want him to buy you out, then you need to sell (not quitclaim) him your portion of the house. If done properly (get a real estate lawyer or settlement company), the refi and title transfer can happen at the same time. no ... you won't be relieved of liability. you can only be relieved of liability by the mortgage holder and their usual demand is full payment. Sometimes, if one spouse was the sole income producer, they'll modify the loan to be that person only if that person gets the property AND they usually want something for that [no free lunch] like a higher interest rate. you need to discuss this with your divorce attorney. What did the decree say about who gets the house and who gets the liability? GL The only way to get your name off of the loan is to have it refinanced in his name only or pay it off. DO NOT sign a Quit Claim until the refi is closed. The Quit Claim gives away any right you have to the property, but you can still be held responsible for the mortgage. If he decides to stop making payments you will have a foreclosure on your credit. A Quit Claim does not effect your credit. Signing a Quit Claim deed only takes your name off the title of the home. Only sign the Quit Claim deed if directed by your divorce papers. And don't do it until your ex-husband either refinances the mortgage into his name only or obtains a Modification Agreeement from the lender removing you from the loan. Just because your name comes off title, and even if the divorce papers dictate that he is to make the mortgage payments, you are still responsible for the mortgage debt if your name is on the loan. There is no provision that removes you from the debt after 6 payments are made on time. 23 yr mortgage professional the quit claim deed will only have his name on the title of the house. I would see an attorney before signing anything. find an attorney before you do anything. |
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