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If I do a quitclaim deed on an existing loan with my ...

Sent to Legal Experts March 18 2008 at 6:47 PM
   

If I do a quitclaim deed on an existing loan with my soon-to-be ex-husband, am I still responsible for the loan if the house forecloses?

 

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Oakwood, Georgia

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March 18 2008 at 6:55 PM (7 minutes and 45 seconds later)
         
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Hello Customer (name blocked for privacy),

Yes, if you quitclaim your house to your soon-to-be ex-husband, you are still responsible for the loan if your ex-husband eventually defaults on the loan. The reason is that your name will still be on the mortgage. The only way to avoid that result is for your ex-husband to refinance the house in his name only as part of the divorce settlement process. Of course, with the mortgage financing crisis currently in process, that might be difficult if not impossible. But it is the only way that you will be protected in the event of a default.

Further, unless your ex refinances the home, it will continue to show up as your debt on any credit check, making it more difficult for you to qualify for your own mortgage.

Good luck. Please "ACCEPT" and positive feedback is greatly appreciated.

Gloria M

DISCLAIMER - This is not legal advice, but provided for educational purposes. No attorney-client relationship has been formed. Consult with an attorney for advice.
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Gloria M -- Lawyer -- 100% Positive Feedback on 144 Legal Accepts
Over 20 years practicing law. General Practice, Labor/Employment, PI, WC, Criminal, Family.
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