Follow up to earlier question re quit claim?

Question

This is a follow up to question last week. I asked about quit claim on house with both wife's and brother-in-law's name on deed, although estate actually owns the property since mortgage taken out Sep 2003. House worth $75K, mortgage is $80K, thus no equity worth saving. As posted before, wife took on role of executrix to protect estate but mostly to keep brother-in-law off street, since he has no credit and spotty income. She would grant quit claim deed to him and he would declare bankruptcy (2nd time, 1st time a few years ago) and we'd be off the hook for the mortgage payments. As mentioned in 2nd response, we have considered renting but the property would require a lot of work to meet any potential tenant's standards and we can't maintain property from 45 miles away. Just curious if: 1) this will work and 2) does brother-in-law have to sign quit claim as well? Not confident that he will sign since there’s nothin’ like a free ride…..

Answer 1

one basic question who's name is on the note? If the wife's name is on the note/mortgage the mortgage company will not release her from the note even if you quit claim deed her part to the brother in law, leaving her with no interest in the property, they still will not release her. She can not get out of the note by quit claiming, only chance to get ride of this thing is to sell the house and pay off the extra 5K

Answer 2

Best bet would be to sell.