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help, soon to be x husband in florida wants me to sign a quit claim for the house we have mortgaged together does this get my name off the mortgage? if not what will?
thanks

2007-03-19 11:10:25 · 6 answers · asked by debbie111 3 in Business & Finance Renting & Real Estate

6 answers

A quit claim deed will deed your 50% ownership in the property to him making his ownership 100% on the property title. It does nothing to remove you from the other two instruments that you have signed which are the promissory note and the mortgage.
Given that you have provided a mortgage to the lender letting them know that you will allow them to proceed against you and your husband in court to take the property being used as collateral in the event that the note is not paid on, I really don't think you can give away your title to your husband without the lender not feeling jeopardized on the mortgage and calling in the note. You will still be held responsible for the promissory note and the mortgage.
Ask the lender for a novation of the note and the mortgage and take you off both of them and then quit claim to your husband. Or ask your husband to refinance the loan.
Buena Suerte

2007-03-19 11:27:40 · answer #1 · answered by newmexicorealestateforms 6 · 2 0

With a quit claim, you get all the disadvantages of not owning the house, along with all the disadvantages of owing the money on the mortgage.

Only the bank can remove you from the mortgage, which they are not likely to do - why risk your husband not paying when they have a contract that makes you pay if he doesn't?

2007-03-19 11:32:04 · answer #2 · answered by Quixotic 3 · 1 0

No. A quit claim can be issued only by the lender providing the date of the the mortgage is less than three times the value of the principal. Your name can be removed if your soon to be x husband files a stop action claim, providing he issues it while you are still married. If your divorce is finalized you can not proceed with the claim.

2007-03-19 11:16:29 · answer #3 · answered by Steven A 3 · 1 1

NOOOOO, dont do this. This keeps you on the mortgage and no ton the house. NEVER a good idea.

He has to refinance or sell to get you off the mortgage. Dont sign a deed utnil you go to closing on the loan and sign it with the title company.

2007-03-19 12:18:12 · answer #4 · answered by Anonymous · 0 0

no.. you will still be on the hook for the debt but cut out of any profits from the sale. refinance or sell the place to get your name off the mortgage.

2007-03-19 20:38:17 · answer #5 · answered by AL L 1 · 0 0

NO, NO, and HELL NO!
You will still be on the morgtage and responsible.

If HE can refinance the morgtage in his name only, that will remove you from it.

Good luck.

2007-03-19 11:15:48 · answer #6 · answered by ed 7 · 2 0

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