Quit Claim on house before divorce judgements?

[d_rohr]

What is the name of your state (only U.S. law)? Michigan

I am in the process of a divorce. I have signed the divorce paperwork about 2 weeks ago and am awaiting the court date. No children are involved so, from what I have researched, we are looking at a 60 day waiting period. We have already agreed that my spouse is to keep the home. She is presently looking at refinancing the home and has requested that I quit claim the home to her before the judgement is settled. I understand that quit claiming revokes my right to the property but not the mortgage. My concern is that she may not be eligible for the refinance offer or the closing costs may be very expensive. I do not have enough experience with these issues to understand the full ramifications if I sign the home over now.

My question; if I quit claim the home over now, as opposed to waiting for the judgement, what issues will I run into? Any advice would be greatly appreciated as I am a little overwhelmed in the matter...

Thank you in advance.

 

[FlyingRon]

Offer to quit claim it to her concurrent with the refinance. The closing person can handle it.

 

[d_rohr]

Thanks, Ron. I appreciate the information. I was not sure if she would even be able to go through with the process without having the quit claim completed.

What you are saying is that I can offer the quit claim but only once the process of the refinance is pretty much all done except for the signature...or somewhere close that anyway?

 

[single317dad]

During my divorce, my wife had to be at the office when I signed the refinance paperwork. Right before (literally, seconds before) I signed on the dotted line, she signed the quit claim. Ask your mortgage broker or officer how it's usually done there, they should have experience with this.

 

[Bali Hai]

What is the name of your state (only U.S. law)? Michigan

I am in the process of a divorce. I have signed the divorce paperwork about 2 weeks ago and am awaiting the court date. No children are involved so, from what I have researched, we are looking at a 60 day waiting period. We have already agreed that my spouse is to keep the home. She is presently looking at refinancing the home and has requested that I quit claim the home to her before the judgement is settled. I understand that quit claiming revokes my right to the property but not the mortgage. My concern is that she may not be eligible for the refinance offer or the closing costs may be very expensive. I do not have enough experience with these issues to understand the full ramifications if I sign the home over now.

My question; if I quit claim the home over now, as opposed to waiting for the judgement, what issues will I run into? Any advice would be greatly appreciated as I am a little overwhelmed in the matter...

Thank you in advance.

Tell her nice try, and, she'll get the quit claim deed, contingent upon the approval and closing of her refinancing the property in her name. If she is unable to refinance, she will need to invoke Plan B.