how to get my name off of a mortgage that i have already signed a quit claim deed on?

Question

the other party refuses to sell or to refinance what should i do

Answer 1

Get a lawyer. And sue whoever told you to sign a quit claim deed without forcing a refinance or sale.

Many divorce attorneys tell their clients to sign the quit claim deed, without mandating a sale or refi. Then, 7 years later, the other spouse gets foreclosed on and you get screwed for years on your credit.

Those attorneys offering this advice should be sued for malpractice.

But, you might be able to file suit against the other party here, and get a judge to force something to happen. That's really the only recourse I see that you might have.

Answer 2

Sorry to give you bad news....

You cant. You should have never signed a quit claim deed unless they refinanced. Im not sure who you were using for an attorney but they were idiots. You promised the lender you would pay them. Just because you quit claim, it doesnt mean a thing. You just gave away all equity in your property but you still owe the lender. If the other party stops paying payments, you still owe the lender if you are on title or not.

Im sorry you have already gave away any leverage you had if you have signed the quit claim and its been recorded.

You will never get off the mortgage until its refinanced or sold and it will affect your credit.

*update* okay if you signed the quit claim deed assuming the other party was going to refinance and they didnt, you can get that nullified in court. You can get back on title. Its going to be expensive and you will have to hire an attorney. But you can get back on title. Im just thinking.

Ive done mortgages for almost 20 years, and Ive never heard of this before. I know its not a joke, I just dont know how you got here. Quit claim deeds are normally only executed at closing. It should have been explained that you gave over all rights to the property, but you still owe all the money on the mortgage. Im totally confused how you would be in this situation.

Answer 3

You do nothing, since no mortgagor will remove your name from a mortgage without retiring the mortgage. NEVER sign a quit claim deed unless the other party agrees to refinance and remove you from financial liability. What you have now is liability for the mortgage with NO legal interest or ownership in the property involved.

Answer 4

Bang your head against the wall for being so stupid to quitclaim a deed without the other party refinancing the property.

You could ask the lender to take your name off but they have no obligation to do so. And they have nothing to gain by doing so, so your chances there are not very good at all.

Legally there's NOTHING that you can do now aside from hope they make their payments on time and maybe sell off soon to get the mortgage on your credit record as "Paid as Agreed."

Answer 5

First, what state are you in? Second, it matters how you are listed on the deed, joint tenants, tenants in common, married couple, etc. Depending how you are listed on the deed is how you can relieve yourself of the mortgage. If you are in a position to sell your half of the property do so. Otherwise you are going to need to sue to sell the property and pay off the mortgage, either selling it to your co-owner or to another party.

Lastly you should tlak to a mortage broker near you and spell outthe situation they may be able to help you find solutions that you didn't knwo you had, depending on your situation.

But by no means are you forced to continue in this contract wit the other owner if you want out. You just need some professional help to get out of it.

Answer 6

you should have used a title company and had a formal re-conveyance to the buyer so they would have to have had to get a loan to, or assume yours formally to get you off the indebtedness that you presently still are obligated to pay if they default.

Answer 7

You really need to talk to an attorney. Laws are different in different jurisdictions.

To find one in your area, try www.findlaw.com