2007-06-27 12:54:40 · 7 answers · asked by caryrg72 1 in Business & Finance ➔ Renting & Real Estate
I agree with everyone, but I will add one thing. A quit claim might make the lender upset and start foreclosure. You are liable for the debt until its paid off, a quit claim does only one thing. It gives all the equity to your ex, but you still owe the mortgage.
2007-06-27 13:07:41 · answer #1 · answered by financing_loans 6 · 1⤊ 0⤋
Yes you will if you were on the mortage. A quit claim does NOT release you from the mortgage! Too many couples don't get this and they end up getting sued. When you quit a claim on a proeperty you are still legaslly responsible for the apyments if you are on the mortgage so you should have the X refinance and take you off the mortgage.
2007-06-27 13:02:00 · answer #2 · answered by RealtorV 3 · 2⤊ 0⤋
If your name is still on the mortgage then yes. Also it will ruin your credit. It's not advisable for people to do a quit claim deed. It's better to refinance and get your name off the mortgage as well. Mostly people don't want to go through the expense of closing cost or maybe higher interest rates. If your name is not on the mortgage then there is no need for you to worry.
2007-06-27 13:04:32 · answer #3 · answered by Anonymous · 2⤊ 0⤋
All you are doing when you QUIT claim your house is giving up any ownership right to it. If you did this while your name was still on the mortgage you put yourself in a very dangerous situation. If you are on the mortgage, yes, you will be responsible for the foreclosure and it will go on your credit report. Hopefully, when you signed the quit claim, your ex also refinanced the house and took your name off of the mortgage.
2007-06-27 13:01:40 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Arrrgh. This is at least the fourth time I have seen this situation in this forum in the last month. If you had a divorce attorney, it's time to take a scrap 2x4 and do him upside his head. Any attorney who would allow you to relinquish your ownership in a property during a divorce, while not relieving you of the financial liability for the property should be drawn and quartered.
That being said, YES, you can be held liable for the mortgage, as can your ex-spouse. However, you NOW have no claim whatsoever to any value in the property, since you provided her with a quit claim to any interest in said property.
2007-06-27 13:09:38 · answer #5 · answered by acermill 7 · 1⤊ 0⤋
If your name is on the mortgage and apparently it is, if there is a foreclosure on the property if will be reflected on your credit report.
The only way to get your name of the mortgage is for your ex to refinance the property. You can not remove your name from a contract once signed.
You may, at anytime, cede or take your name off the property through divorce or for any other reason you want.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-06-27 13:02:32 · answer #6 · answered by loanmasterone 7 · 2⤊ 0⤋
I certainly hope you didn't just sign the quit claim deed over, if there is a mortgage.
2007-06-27 13:59:47 · answer #7 · answered by Alterfemego 7 · 0⤊ 0⤋