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quit claim deed & marital assests

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cameo6

Junior Member
What is the name of your state (only U.S. law)? California. my husband and I bought a house together, however, due to my poor credit I did not put myself on the loan, the mortage co. required that I sign a quit claim deed in order to proceed with the loan should we divorce will the house be considered marital property?What is the name of your state (only U.S. law)?
 


mistoffolees

Senior Member
What is the name of your state (only U.S. law)? California. my husband and I bought a house together, however, due to my poor credit I did not put myself on the loan, the mortage co. required that I sign a quit claim deed in order to proceed with the loan should we divorce will the house be considered marital property?What is the name of your state (only U.S. law)?
You should never sign a quit claim deed without consulting with an attorney. A quit claim basically says that you're giving up any equity you might have in the property.

The good side is that unless you've been married and owned the home a long time, there's probably no equity to worry about.
 

cameo6

Junior Member
my husband said that he will sign a reversal of the quit claim deed, I guess my problem with this whole matter is why in the world would mortage companies now be requiring this from spouses who are not on title?
 

Ohiogal

Queen Bee
my husband said that he will sign a reversal of the quit claim deed, I guess my problem with this whole matter is why in the world would mortage companies now be requiring this from spouses who are not on title?
Because your marital interest could cause them problems for foreclosing. And if your husband signs a reversal of the quit claim deed he may find the mortgage company calling the entire mortgage due immediately. Oh and a quit claim deed only quit claims the property interest/equity at that time. She can build up more.
 
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