destined777
Junior Member
What is the name of your state (NY)?
My ex-wife and I own a home jointly (both on the deed and mortgage), which was to be sold after the divorce. Due to the market and financial situation, the property is currently vacant and in the process of being foreclosed on. My ex-wife wants to refinance the loan in her name only but she has told me in order to refinance, the bank is requiring me to sign a Quit Claim Deed to have my name off of the deed.
I am concerned that if her refinancing doesn't go through, I would have signed away my interest in the property and still be responsible for the mortgage. Is there anyway to add a contingency into the quit claim deed to cover myself in the event the refinancing doesn't go through? Any other suggestions would be greatly appreciate.
My ex-wife and I own a home jointly (both on the deed and mortgage), which was to be sold after the divorce. Due to the market and financial situation, the property is currently vacant and in the process of being foreclosed on. My ex-wife wants to refinance the loan in her name only but she has told me in order to refinance, the bank is requiring me to sign a Quit Claim Deed to have my name off of the deed.
I am concerned that if her refinancing doesn't go through, I would have signed away my interest in the property and still be responsible for the mortgage. Is there anyway to add a contingency into the quit claim deed to cover myself in the event the refinancing doesn't go through? Any other suggestions would be greatly appreciate.