will a quick clam deed get you off the morgage?
signed a quick clam deed but dose my ex still have to refiance the house to get me off the loan on the house?
signed a quick clam deed but dose my ex still have to refiance the house to get me off the loan on the house?
Yes, you are responsible for the mortgage and I am not sure if it is legal for you to sign the deed. I know you can’t sell mortgaged property and I don’t think you can give it away either.
Yea, the quit claim deed does not release you from your legal responsibility with the loan, hopefully your ex has the equity and fiances to refinance in this credit crunch
you should have held title until the ex had secured refinance
A quit claim deed does not relinquish your responsiblity for a mortgage note. If you and your ex both signed the note, then you both are responsible for paying the mortgage, the only way for you to not be liable for the note is for your ex to refinance
It is called a “quit claim”. The other answers are right but to be sure you should have a word with the lender and see if they can make a modification to the note. I have found them to be remarkably understanding lately.
NO! It takes away your rights to the property! Only refinancing the mortgage you off the mortgage if he does it with only his name.
Are you sure you want to give him your rights to the property?
Yes, you’ll have to have your ex refinance the loan in THEIR name only. By being taken off the deed of the house, you simply have given up “ownership” of the house, but are still responsible for the mortgage monies being paid each month.
NEVER EVER sign a quit claim deed unless the mortgage is refinanced at the exact same time. By signing a quit claim deed, you give up any and all ownership rights to the property, but you are NOT relieved of mortgage responsibility.
The only way to remove yourself from the mortgage is to have it refinanced in the name of someone else.