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Divorce Source Community Forums >> Property and Debt

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shortmarriage
Pooh-Bah

Reged: 12/07/08
Posts: 1773

Curious...

#502694 - 02/11/09 12:18 AM

Upon divorce, if one person signs a Quit Claim Deed, but keeps their name on the mortgage...what are the consequences?

Does this affect their credit history (positively or negatively) based upon how payments are made?

Say the standing on the home loan is good, could that affect their credit history positively? So that they could borrow against that equity, even if they signed a Quit Claim Deed?

Or if payments are not made regulary, or the house is refinanced, would that affect that person's credit?

Thanks for any information you can provide on this type of scenario!

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GMan42
journeyman

Reged: 09/21/06
Posts: 71

Re: Curious...

[Re: shortmarriage]
#502869 - 02/11/09 11:18 AM

1) "...what are the consequences?"
The person will have no (none at all) interest in the asset (the house), and complete responsibility for the associated liability (the mortgage). If the payments are not made, the person is responsible for them.

2) "Does this affect their credit history (positively or negatively)" Yes and/or yes.

3) "could borrow against that equity" Since the person signing the quit claim no longer owns anything, they have no equity left to borrow against.

4) "payments are not made... affect that person's credit?" Yes, same as question 2). If the house is refinanced, whoever signs the new mortgage is responsible for the debt and everything that comes with it.

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shortmarriage
Pooh-Bah

Reged: 12/07/08
Posts: 1773

Re: Curious...

[Re: GMan42]
#502901 - 02/11/09 12:50 PM

Thanks GMan42!

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