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quitclaim

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J

jetsback

Guest
What is the name of your state? Washington

My wife and I will be getting a divorce of which has not been filed yet (we currently live apart). She is currently in the process of refinancing our home (as a happy couple) to pay off our debt first, then she requests that I quitclaim the property over to her. I have two questions... first, are there any disadvantages to me for refinancing in both our names BEFORE the divorce? She says she alone would not qualify. I am concerned the mortgage company will not relinquish me of responsibility of repayment and/or honor a quitclaim. Second, I read somewhere that a quitclaim only conveys ownership rights and will NOT end an obligation to re-pay the loan. Does that mean both of us or just my soon to be ex-wife? Thanks in advance!
 


kat1963

Senior Member
You are correct. The mtg. company doesn't give a fig about any agreements you have with your wife, court ordered or not. Your contract is with them. Which means if she doesn't pay, they come after you, it goes your credit record....and whatever else they can do to you by law in your state. Don't do it. Sell the house, pay off the bills and you both go your own ways. If you look on these boards you will see that every week there is someone who's ex didn't pay, house in foreclosure ect. If she can't obtain refinancing herself, that pretty much goes to show you she probably can't afford the house anyway. Please, research other options, I don't think this one is for you.
KAT
 
J

jetsback

Guest
Thank you for your sound advice KAT. Appreciate all the help I can get. Perhaps you have advice on the post I just submitted?
Best Regards!
 

nailtech

Senior Member
posted by Kat1963:.... quote:...Don't do it. Sell the house, pay off the bills and you both go your own ways. If you look on these boards you will see that every week there is someone who's ex didn't pay, house in foreclosure ect. If she can't obtain refinancing herself, that pretty much goes to show you she probably can't afford the house anyway. Please, research other options, I don't think this one is for you. unquote:.....

she answered your question that you submitted........ if you by chance submitted a post in another thread, its best to repost in the same thread so people can keep tract of your story..... if this is the only one you had,...... reread it.......:)
 

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