Protection from mortgage responsibility

[jetsback]

I understand that if I sign a quitclaim to my soon to be ex-wife, I am transferring title and ownership rights only. I understand that if she defaults, I am still on the mortgage and therefore financially responsible. This is the info I gathered from this sight, please correct me if I am wrong.

My question: if she is unable to refinance the property in her name only, and selling the property is out of the question, do I have ANY other alternative to relinquish my financial responsibility with the mortgage company?

Perhaps there is something that can be signed and filed with or in addition to a quitclaim that will accomplish this? She has already started the refinance process in both our names to pay off debt and wants the quitclaim after it is done. I tell her I am still financially responsible and she tells me I am not. Please help!

 

[JETX]

The mortgage obligation is completely separate from the title.

What concerns me is your statement, "She has already started the refinance process in both our names to pay off debt and wants the quitclaim after it is done." Why is your name on this refinance paperwork if you are trying to prevent any obligation on your part??

The only way to remove your name from the financial obligation is to get a release from the mortgage company (unlikely), or have your wife refinance in her name only, or to sell the property.

 

[jetsback]

"What concerns me is your statement, "She has already started the refinance process in both our names to pay off debt and wants the quitclaim after it is done." Why is your name on this refinance paperwork if you are trying to prevent any obligation on your part?? "


Thank you for your response.

The reason is because she informed she wanted a divorce and then informed me that the advice given her was the senerio described above of which she atarted right away. It wasn't until after the fact that I was able to research and seek my own advice. Then I learned (from this forum) that her statement about me not being responsible after a "quitclaim" was incorrect information. She was either misinformed or not speaking truths.

We are to sign the papers today. She still claims I will not be responsible according to her legal advice and the mortgage guy who knows the situation. I guess I won't be signing anything today.

 

[HomeGuru]

"What concerns me is your statement, "She has already started the refinance process in both our names to pay off debt and wants the quitclaim after it is done." Why is your name on this refinance paperwork if you are trying to prevent any obligation on your part?? "


Thank you for your response.

The reason is because she informed she wanted a divorce and then informed me that the advice given her was the senerio described above of which she atarted right away. It wasn't until after the fact that I was able to research and seek my own advice. Then I learned (from this forum) that her statement about me not being responsible after a "quitclaim" was incorrect information. She was either misinformed or not speaking truths.

We are to sign the papers today. She still claims I will not be responsible according to her legal advice and the mortgage guy who knows the situation. I guess I won't be signing anything today.

**A: Halket is correct and the only thing you should be signing is the title docs and NOT any new mortgage loan docs.