2007-11-11 01:49:07 · 6 answers · asked by robert d 1 in Business & Finance ➔ Personal Finance
If I understand your question, you want out of the mortgage, because you're already out of the house. Right? So you may have already signed the quit claim deed, I'm just hoping you haven't for now.
Use it as leverage to get what you really need done, to get out of the mortgage! You don't want to be responsible for your ex's payments, and you don't want that debt on your credit report either (especially if the debt goes bad). Both of those put you at a disadvantage.
Your ex needs to refinance the house. They can get the refi done with you still on title, and when the loan has been funded, you can happily sign the quit claim deed, and be on your way. A bank won't simply take you off the loan, you are currently part of the reason, the collateral, of why they lent the money in the first place.
The ex will have to qualify and get a loan on her own.
If you are owed any of the equity in the house, make sure the ex takes enough cash out during the refi to pay you in full. If you have any other questions, please feel free to ask me direct. I see this type of situation all the time.
I wish you the best!
2007-11-11 02:27:35 · answer #1 · answered by Mike 1 · 1⤊ 0⤋
Quit claim deed will do nothing...all that will do is take you off the deed of the house. The mortgage will remain in full force with you as a co-borrower.
Mike is right, your ex has to re-finance. Bank's are usually not all that willing to just drop someone off a mortgage. The remaining person must qualify for the mortgage on their own.
While the agreement may be that you are not liable for the mortgage, as far as the Bank is concerned, you are. They have every right to come after you for the payments. In turn, you would have to go after the ex if you are forced to make the payments to protect your credit.
2007-11-11 03:43:07 · answer #2 · answered by Brian F 3 · 2⤊ 0⤋
properly perhaps in case you theory-approximately your spouse such as you difficulty approximately what you have have been given then your marriage would have survived. Your in business company and you do not think of that your spouse's in tilled to a million/2 .Sorry to burst your bubble yet she is. you may't tell her to bypass from the living house till you start up a divorce court docket circumstances. then you definitely would desire to artwork out what you the two settle for then you definitely sell and divide. perhaps you need to artwork out which you preserve the business company and your spouse retains the living house. seek for felony suggestion. if your spouse has carried out you no incorrect then take care of her correct.
2016-12-16 05:12:46 · answer #3 · answered by ? 4 · 0⤊ 0⤋
quit claim. But both party must agree on the quit claim. This should have been one of the pares filed by you lawyer. I would get this taken care of ASAP. This could get ugly fast if you don't. If she fails to pay on time it will affect you credit also.
2007-11-11 01:55:36 · answer #4 · answered by Helping you 2 · 0⤊ 0⤋
should have been taken care of in the divorce with a quit claim being signed by you. contact your attorney quick.
2007-11-11 01:52:24 · answer #5 · answered by Aloha_Ann 7 · 1⤊ 0⤋
first you will need a court order awarding that home you the other person, with that court order visit your bank and they will take required actions.
2007-11-11 01:58:00 · answer #6 · answered by Jan Luv 7 · 0⤊ 0⤋