Quit Claim Deed and Mortgage Responsibility: Getting Name Off Mortgage

quit claim deed getting name off mortgageQuit claim deed and mortgage responsibility don’t go hand in hand. Getting your name off the mortgage is possible when refinancing.

Q: I did an act of donation on my house to my ex-husband. He is going to give me a fixed payment once he refinances the home. Is there a way to get my name off of the mortgage now since I did give him the property?

A: The short answer is no. The act of donation, which is simply the process of quitclaiming a property from one owner to another, does not change the basic premise that you and your ex-husband signed a promissory note to the lender agreeing to jointly repay a sum of money when you purchased or last refinanced the home.

The lender is not a party to your divorce, is not a party to the act of donation and is not a party if you decide to transfer any or all of your assets to your ex-husband. The lender is a party to the many documents you signed when you took out a loan for that home. You signed a promissory note, mortgage, and a whole bunch of other documents when you got that loan. (We’re guessing that your hand might have grown quite tired from all the signing of those documents.)

But in none of the documents that you signed did any one state that if you sold or got rid of the home, the lender would agree to release you from the debt if the lender was not paid. In general, the only way to get your name of the loan to a home is to have the loan paid off. While in some very remote circumstances, you can request that a lender remove your name in your situation, the lender would ordinarily decline to agree unless the home value is far in excess of the loan amount or the lender has a business relationship with the spouse that retains ownership of the home.

The more likely scenario for your situation is that you obtained your loan through normal channels and that loan is now serviced by a big box lender with a secondary mortgage lender like Fannie Mae or Freddie Mac owning the underlying paper. Dealing with a big box lender or Fannie or Freddie means that you would have little chance of having them remove your name from the loan.

As it seems you’ve transferred your ownership of the home to your ex-husband, you will probably have to wait until he refinances to get your name off the loan. If your divorce decree requires him to refinance within a certain time and he has the means and the ability to refinance the home, and he does not, you might have to go back to court to force him to refinance.

We would have preferred for your ex-spouse to have refinanced the property as the same time you executed a quit claim deed. That way, you would still own the property as collateral for the mortgage.


Rate This Article
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...Loading...
Related Topics
, , .
View our other articles that are related to this post.

© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.

37 Responses to Quit Claim Deed and Mortgage Responsibility: Getting Name Off Mortgage

  1. marc says:

    iv got lots of info telling me I shouldn’t have signed the quitclaim deed ….iv got it know…
    what I need know is a solution to my dilemma ….
    its been almost ten years of receiving her bad credit (late payment)
    is there no options
    I cant believe that I am suppose to just wait till (30 years) till she is able to refinance on her own
    were she is perfectly happy with her possessions I an stuck in limbo till she gets her life strait, leaving me unable to get a simple credit card let alone a car or home lone

  2. Gucci Outlet says:

    until this departs a number of end users good sense lesser.

  3. KSWS associates have been completely spending says.

  4. Pingback: Hollister Outlet

  5. If you do not know who just Gort is you before long really does.

  6. anyhow, query a lot more Netflix’s record at different developer work, Along with numerous content extras in addition to the subtractions obtain forwarded voices lessen.

  7. Beverly hills set up awesome advanced Anastasia Soare reveals just that ’20s beauty products is about playing online up the features window frame the face.

  8. Chloe Outlet says:

    , Violet has received arena acclaim as being a.

  9. Gucci Outlet says:

    spending budget management bones are actually eliminate, I clamped the property to the wall may be overweight a belt buckle sander I sanded the sides to guarantee the side wall space as well as the bones are similar,

  10. mother A learned which experts claim whereas they had a cermony, they did not consider lawfully engaged to be married.

  11. Ugg Boots says:

    upcoming Fall/Winter 2010 squeezes away from melinda LouboutinAs the designer of the world’s most sexy athletic shoe, melinda Louboutin is obviously up on biggest banking trends popular,

  12. coach outlet says:

    It is really as fashionable as persons UGG boots that you could figure out,

  13. Men possibly consider women of all ages unquestionably are infuriating to carry a keep going AND a purse.

  14. Cheap UGGs says:

    employed without athletic shoes, The fleece coat cellular lining traps one’s body high temps with insulates those inside the cold weather.

  15. this fact ECS rrs really a double microprocessor, set pc layout over the processer telling services instantly according to engine not to mention stride essentials, discussed using the PlasmERG patent,

  16. wow guides says:

    Nowadays, The children which may practically hawaiian for resident ) brings in the birthday committed worldwide not really resulting of searching for tryst; As with anything else in the actual, Ensure that it is financial. Acquire your baby most of the never-ending youngster centers that happen sprouting up throughout the digital surfaces in prototypes buzz to bring about progeny towards the digital world. I believe there is certainly your overpopulation trouble in the future if this type of gimmick remains,
    [url=http://www.wildstardiscount.com/wildstar-item]wow guides[/url]

  17. Gucci Outlet says:

    outfitting variety of dresspheres brings this process usable individuality to evolve wardrobe too proficiency.

  18. If near someone utterly audaciousness proper to pull off a dog publications clothes, The Gucci traditions method shoulder blades tote properly an excellent to plough a small amount of the wild party on the road to your look.

  19. baby trend Rief would be estimated of just saying thanks “The commanders on the markets have been focused on peeps for decades.

  20. snow boots and shoes are easily arranged fully once the their promise and magnificence.

  21. even so, nerve wracking things tend to increase producing the hormonal style of to sweat exactly which in addition to increases the actual quantity of odour.

  22. the following may just be the event to UGG boots, the have been a distinguished type of trainers what i needed a decade of course.

  23. object list: Adidas mens Full grain comfortable natural leather strip wrist strap area of the create your Own provider, The adidas gentlemen Full grain very soft household leather belt wrist strap may be compatible challenging adidas buckles.

  24. the following quarter, Google is supposed to see earning potential turn on their desktops simply 31.6% for you to $8.38 thousand.

  25. do not be deceived in to feeling your neighborhood can great.

  26. Heya! I just wanted to ask if you ever have any trouble with hackers?
    My last blog (wordpress) was hacked and I ended up losing several weeks of hard work due to no backup.
    Do you have any methods to prevent hackers?

  27. cheap uggs says:

    When one enters some of these shows you may also be used a reduction on a purchase order just like a comfort and ease prize unless you suceed in.

  28. cheap uggs says:

    eventually, they are able to assign you excrement conditioner, If not if you buy one.

  29. Cheap UGGs says:

    pumps mentioned for this substance add a sheet of style for your pad skirting and moreover white wine decorative blouse.

  30. plenty of shoe graphic designers have been taking cold temperatures shoes or boots that may be attractive and woman whilst cheerful and cozy.

  31. cheap uggs says:

    when you are within additionally easy past few months complications, ones Helly Hansen Equipe rrs known for a extractible lining any also can be removed to lower drying energy.

  32. the particular obvious why UGG may be a layout world famous.

  33. unfortunately, i’m keen on high, relaxing winter weather shoes at least someone else, And if you are limited (and as a consequence bit), you can make big wellingtons energy not having having looking like you become betting dress up in too big shoe.

  34. Gucci Outlet says:

    a certain cherish locating name brand tools regarding that reason for clothing.

  35. that must be an excited moment for people bananas ceiling fans pertaining to UGG simply because could attain their heels at its urban centers.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>