Is there any way to write contingencies or addendums onto a quit claim deed?

[destined777]

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.

 

[justalayman]

. 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.
.

tell her; no problem. Have it ready at the closing where the payoff for the current mortgage is issued.


There is no problem doing what she asked. It's just the timing that makes the difference. Do not sign a deed until the current mortgage is paid off.

 

[ecmst12]

DO NOT sign a quit claim until AFTER the refinance is complete and you have proof that you are no longer responsible for the loan. From the mortgage company. It sounds like your ex may be trying to put one over on you.

 

[destined777]

I fully agree. I have no problem signing a quit claim deed. I just don't want to make a foolish decision in my readiness to be done with it all.

 

[justalayman]

I fully agree. I have no problem signing a quit claim deed. I just don't want to make a foolish decision in my readiness to be done with it all.

and signing one before you are clearly released from the current financial obligation would be foolish.


If she pushes for you to sign one prior to a closing, she is quite likely trying to screw you over. There is no benefit for her, at least concerning legitimately making this change, by having you sign a deed prior to the closing. The only benefit to signing a deed prior to a release of liability is to her and only if she has thoughts of taking advantage of you in mind.

 

[LdiJ]

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.

Its simpler than that. You just inform your ex that you will sign a quit claim deed at the closing table for her refinance. She will inform the mortgage company of the same.

However, in this specific scenario I disagree with the other advice you have been given. Why?, the house is already in foreclosure, you wouldn't be harming yourself by signing a quit claim deed in advance. You have already taken the credit hit by the foreclosure process, and things cannot get any worse for you than they are now if the refinancing does not go through. If it does not go through, the foreclosure will complete. Whether or not you signed a quit claim deed will kind of be irrelevant.

About the only way that she could be "pulling a fast on" on you is if there is someone out there who is willing to help her get the house out of foreclosure, but doesn't want to do that as long as you are still an owner of the home. Does she know anyone who could/would do that for her?

 

[nextwife]

This can be done like a purchase money mortgage. The title company holds the deed that you execute "in trust", with instructions to release only upon disbursement of the mortgage payoff funds in full..

 

[destined777]

Its simpler than that. You just inform your ex that you will sign a quit claim deed a

Very true, as both of our credit has taken a hit. The home is not in foreclosure as of yet, but is headed in that direction very shortly. I just don't want to be in a situation where the quit claim is signed, the mortgage is never changed over and I am liable for the mortgage without sharing in the interest. Good point about giving the quit claim at the closing.

 

[destined777]

This can be done like a purchase money mortgage. The title company holds the deed that you execute "in trust", with instructions to release only upon disbursement of the mortgage payoff funds in full..

I would have never known you could do something like that! Thank you for the suggestion.

 

[destined777]

Its simpler than that. You just inform your ex that you will sign a quit claim deed at the closing table for her refinance. She will inform the mortgage company of the same.

However, in this specific scenario I disagree with the other advice you have been given. Why?, the house is already in foreclosure, you wouldn't be harming yourself by signing a quit claim deed in advance. You have already taken the credit hit by the foreclosure process, and things cannot get any worse for you than they are now if the refinancing does not go through. If it does not go through, the foreclosure will complete. Whether or not you signed a quit claim deed will kind of be irrelevant.

About the only way that she could be "pulling a fast on" on you is if there is someone out there who is willing to help her get the house out of foreclosure, but doesn't want to do that as long as you are still an owner of the home. Does she know anyone who could/would do that for her?

Very true, as both of our credit has taken a hit. The home is not in foreclosure as of yet, but is headed in that direction very shortly. I just don't want to be in a situation where the quit claim is signed, the mortgage is never changed over and I am liable for the mortgage without sharing in the interest. But at this point the interest is not very valuable. I just don't want to still be attached to this in 10 years. Good point about giving the quit claim at the closing.

 

[destined777]

Its simpler than that. You just inform your ex that you will sign a quit claim deed at the closing table for her refinance. She will inform the mortgage company of the same.

However, in this specific scenario I disagree with the other advice you have been given. Why?, the house is already in foreclosure, you wouldn't be harming yourself by signing a quit claim deed in advance. You have already taken the credit hit by the foreclosure process, and things cannot get any worse for you than they are now if the refinancing does not go through. If it does not go through, the foreclosure will complete. Whether or not you signed a quit claim deed will kind of be irrelevant.

About the only way that she could be "pulling a fast on" on you is if there is someone out there who is willing to help her get the house out of foreclosure, but doesn't want to do that as long as you are still an owner of the home. Does she know anyone who could/would do that for her?

Very true, as both of our credit has taken a hit. The home is not in foreclosure as of yet, but is headed in that direction very shortly. I just don't want to be in a situation where the quit claim is signed, the mortgage is never changed over and I am liable for the mortgage without sharing in the interest. But at this point the interest is not very valuable. I just don't want to still be attached to this in 10 years. Good point about giving the quit claim at the closing.

 

[justalayman]

About the only way that she could be "pulling a fast on" on you is if there is someone out there who is willing to help her get the house out of foreclosure, but doesn't want to do that as long as you are still an owner of the home

and that is why you simply refuse to sign until the time is right. No sense in putting yourself in jeopardy needlessly.

 

[LdiJ]

Very true, as both of our credit has taken a hit. The home is not in foreclosure as of yet, but is headed in that direction very shortly. I just don't want to be in a situation where the quit claim is signed, the mortgage is never changed over and I am liable for the mortgage without sharing in the interest. But at this point the interest is not very valuable. I just don't want to still be attached to this in 10 years. Good point about giving the quit claim at the closing.

Seriously, signing the quit claim at closing is the practical way to resolve any issue regarding the home, and would be accepted by any mortgage company. Its also "non-hostile". You will be fully cooperating with her refinance.

If she needs something prior to closing, then you sign a notarized document that says that you intend to sign a quit claim deed to the home at the closing of her refinance.

However....don't get your panties in a bunch if someone like a new boyfriend is present at the closing table lending his credit to the process. Just be greatful that you are getting off the hook.

 

[destined777]

and that is why you simply refuse to sign until the time is right. No sense in putting yourself in jeopardy needlessly.

Definitely. That makes total sense.

 

[destined777]

Seriously, signing the quit claim at closing is the practical way to resolve any issue regarding the home, and would be accepted by any mortgage company. Its also "non-hostile". You will be fully cooperating with her refinance.

If she needs something prior to closing, then you sign a notarized document that says that you intend to sign a quit claim deed to the home at the closing of her refinance.

However....don't get your panties in a bunch if someone like a new boyfriend is present at the closing table lending his credit to the process. Just be greatful that you are getting off the hook.

That really helps! I fully intend to write a letter now stating just that. It is non-hostile (which was another concern) and should satisfy the banks requirement. Thank you for the advice! It is greatly appreciated.