My ex wants to take over the mortgage after the divorce is final but I'm afraid that it won't be paid for properly and it may go into foreclosure and ruin my credit. Is there a legal way to get my name off the mortgage papers and therefore not have to worry every month about the mortgage being paid?
2007-01-21 11:19:59 · 5 answers · asked by coastingrightalong 1 in Business & Finance ➔ Credit
The only way is to refinance the loan in THEIR NAME ONLY. If they can't, you're stuck. The quit claim releases your interest in the property, NOT THE MORTGAGE. You have a signed contract with the bank and divorce or not, the bank will enforce it and come after you as well.
2007-01-21 12:50:29 · answer #1 · answered by bundysmom 6 · 0⤊ 0⤋
The only way to remove your name from the mortgage is to die, or, in failing that ,she must remortgage the property in her name. There in lies a problem. If she hasn't the income to maintain the mortgage you are screwed.You should make this a contingency within the Divorce Contract. If you do not absolve yourself of all responsibility for the house, you will be paying I'll bet on it....Take it from someone who has been there, when you split the blanket, do it completely..Do you want her boyfriend to live there will you pay to keep a roof over his head.!!! Check with your attorney....Had to EDIT. After reading your question again, Oh my Gawd.....You are already divorced???Ahhhhhhh.Talk to an attorney and then be real sweet to her and get her to re-mortgage..Ahhhhhh You will need all the best wishes that I can extend.......
2007-01-21 11:31:54 · answer #2 · answered by buzzwaltz 4 · 0⤊ 0⤋
actually.. when I went through mine... the quit claim was mentioned.. *however*... it would take you off the deed yes.. but not the mortgage... the only way one or the other could have been removed from the mortgage would be that the person wanting to keep the property would have to qualify to keep the mortgage in their own name... otherwise both are still liable for the debt -but with the quit claim you just lose any rights to the property, but still responsible for the debt.
2007-01-21 11:32:25 · answer #3 · answered by Jerry R 2 · 1⤊ 0⤋
You can Quit Claim your interest to him by signing a form available at an office supply, having it notarized and filing it with the county clerk.
2007-01-21 11:28:08 · answer #4 · answered by beez 7 · 0⤊ 2⤋
Yes, you can sign quit claim deed giving up all of your ties to the property.
2007-01-21 11:25:55 · answer #5 · answered by kelly h 3 · 0⤊ 2⤋