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Quit claim deed

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C

Carcnnt

Junior Member
undefinedWhat is the name of your state?

I live in Florida and would like to know if a Quit Claim Deed is a legal way of turning over property to a spouse and no longer be liable for the debt of this property and will this affect my credit in any way?
 


LdiJ

LdiJ

Senior Member
Carcnnt said:
undefinedWhat is the name of your state?

I live in Florida and would like to know if a Quit Claim Deed is a legal way of turning over property to a spouse and no longer be liable for the debt of this property and will this affect my credit in any way?
Click to expand...
A quit claim deed transfers legal ownership...it does not however transfer the debt. The only way to get rid of the debt is if the spouse refinances the property into their own name.

It can have a dramatic impact on your credit. If the spouse doesn't make the payments or defaults in any way...YOUR credit would be equally effected.
 
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