Divorce Source: Quit Claim

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possumposs
recently joined

Reged: 09/02/08
Posts: 4

Quit Claim

#488075 - 12/22/08 08:27 PM

My STBX wants me to sign a quit claim to the house. She would then have 48 months to re-finance. Am I still responsible for making payments to the mortgage during that 48 month period? What happens if she no longer qualifies for a new mortgage (since my income will not be a factor in her application)?

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preemiemom
Carpal \'Tunnel

Reged: 01/17/07
Posts: 16032
Loc: New York

Re: Quit Claim

[Re: possumposs]
#488595 - 12/26/08 08:42 AM

An attorney would advise you against signing a Quit-Claim without her immediately having to refi. No matter what, no matter when she tries to refi (and if she cannot), if she defaults on the mortgage, whether your name is on the deed or not, you are still, LEGALLY, responsible for the mortgage in case of default. The only way you can get out of your share of the responsibility is to file bankruptcy.

My ex signed a QC when we split. I am not required to refi the house. My ex has zero assets to go after and even if I did default, he was filing bankruptcy ANYWAY so he actually would prefer that I also default/go bankrupt. He now has NO responsibility for the mortgage(s) as he has gone through Chapter 7. However, he did have some issues with the lawyer/the court for the bankruptcy questioning why he was on the mortgage but yet he had not asset to liquidate towards the bankruptcy.

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possumposs
recently joined

Reged: 09/02/08
Posts: 4

Re: Quit Claim

[Re: preemiemom]
#489212 - 12/28/08 06:25 PM

Thanks. Nice to get an answer from someone who has been there. Still have not completely decided if I want to go after the house or not. Don't think she can swing it on her own.

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preemiemom
Carpal \'Tunnel

Reged: 01/17/07
Posts: 16032
Loc: New York

Re: Quit Claim

[Re: possumposs]
#489574 - 12/30/08 08:31 AM

Yeah, definately BTDT. There is pretty "standard" language out there about the party who is retaining the property having "X" days to re-finance the other party's name off the property. Typically, you would not sign the Quit Claim until you had proof of that.

If, for some reason (like me), you're keeping the other party ON the mortgage but OFF the deed, there is also language about the financially responsible party going into default and the right of the other party to re-assume the mortgage responsibility.

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