Quit claim does what to a mortgage?

[Sigh in Florida]

What is the name of your state? Florida

Hi,

During my divorce I was granted full ownership of the marital home, value, etc. Both parties names are on the title, however, only the other party was on the mortgage to the home. If I were to go to the county and remove their name from the title (which I have been told I have in essance in my divorce decree - a quit claim equivalent), who is responsible for the mortgage and/or what must happen next? I have checked that I indeed am not on the mortgage, and that lender does not show on my credit report.

Thank you,
Sigh

 

[justalayman]

Well, not sure what a "a quit claim equivalent" is but typically a judge orders one spouse to quitclaim their interest to the other party. It is also common for the judge to order the party recieving the porperty to refinance the property to release the other person from any liability..Are you saying the judge did not do this?

 

[VeronicaLodge]

a quit claim does nothing to a mortgage

 

[Some Random Guy]

a quit claim does nothing to a mortgage

But, the mortgage may well have a clause in it making the balance immediately due if the ownership of the property changes. Work with the ex to go over the loan docs and make sure that they won't need to write a check for the full amount next month.

 

[FlyingRon]

But, the mortgage may well have a clause in it making the balance immediately due if the ownership of the property changes. Work with the ex to go over the loan docs and make sure that they won't need to write a check for the full amount next month.

Can't happen. Transfers between spouses persuant to the dissolution of a marriage is exempt from triggering a due-on-sale clause (Garn-St. Germain Act).

 

[FlyingRon]

But, the mortgage may well have a clause in it making the balance immediately due if the ownership of the property changes. Work with the ex to go over the loan docs and make sure that they won't need to write a check for the full amount next month.

By the way, I would insist on a special warranty deed and NOT a quit claim from your husband. It will make things potentially easier when you sell. Your lawyer should have drafted this at the time he worked on the property settlement (bad lawyer if he didn't).

 

[seniorjudge]

What is the name of your state? Florida

Hi,

During my divorce I was granted full ownership of the marital home, value, etc. Both parties names are on the title, however, only the other party was on the mortgage to the home. If I were to go to the county and remove their name from the title (which I have been told I have in essance in my divorce decree - a quit claim equivalent), who is responsible for the mortgage and/or what must happen next? I have checked that I indeed am not on the mortgage, and that lender does not show on my credit report.

Thank you,
Sigh

The lender was not a party to your lawsuit so the mortgage is (as others have pointed out) unaffected.

Depending on what the judgment in your lawsuit said (and they are typically horribly written), it may or may not have acted as a conveyance of real estate.