Start Your Divorce Today - Premium Divorce Online

Divorce Source Community Forums >> Property and Debt

Jump to first unread post. Pages: 1

Reged: 12/07/08
Posts: 1773
      #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!

Post Extras: Print Post   Remind Me!   Notify Moderator  

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.

Post Extras: Print Post   Remind Me!   Notify Moderator  

Reged: 12/07/08
Posts: 1773
Re: Curious... [Re: GMan42]
      #502901 - 02/11/09 12:50 PM

Thanks GMan42!

Post Extras: Print Post   Remind Me!   Notify Moderator  
Pages: 1

Extra information
0 registered and 9 anonymous users are browsing this forum.

Moderator:  dsAdmin 

Print Topic

Forum Permissions
      You cannot start new topics
      You cannot reply to topics
      HTML is disabled
      UBBCode is disabled

Topic views: 2657

Rate this topic

Jump to

Contact Us Divorce Source Home


Resources & Tools
Start Your Divorce Online Start Your Divorce
Several Options to Get Started Today.
Divorce Tools Online Divorce Tools
Keeping it Simple to Get the Job Done.
Divorce Downloads Download Center
Instantly Download Books, Guides & Forms.
Divorce and Custody Books Discount Books
Over 100 of the Best Divorce & Custody Books.
Negotiate Online Negotiate Online
Settle your Divorce and Save.
Custody and Support Tracking Custody Scheduling
Make Sure You Document Everything.

Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Enter Your Zip Code: